NEW YORK Worthington Industries Inc. has priced its $250 million aggregate principal amount of senior notes due 2026.
The notes will bear an interest rate of 4.55 percent, and are being sold to the public at 99.789 percent of the principal amount, to yield 4.573-percent maturity.
Net proceeds of the offering will be earmarked to repay money borrowed under its revolving credit facility and its revolving trade accounts receivable securitization facility, the Columbus, Ohio-based diversified metals manufacturer said in a statement April 10. "The remaining portion of the net proceeds will be added to working capital and used for general corporate purposes, which may include repayment of indebtedness."
The notes will be general senior obligations, and will mature on April 15, 2026. The offering is expected to close April 15 of this year, subject to customary closing conditions.
JPMorgan Securities LLC and Wells Fargo Securities LLC will act as joint book-running managers for the offering. The