Lincoln Electric places $350 million notes; Neuberger Berman sets up private debt fund

By Marisa Wong and Wendy Van Sickle

Morgantown, W.Va., Oct. 20 – Lincoln Electric Holdings, Inc. issued four series of senior notes totaling $350 million in a private placement on Thursday, according to an 8-K filing with the Securities and Exchange Commission.

The notes have a weighted average interest rate of 3.1% and a weighted average maturity of about 18 years.

Specifically, the company issued the following:

• $100 million of 2.75% 12-year series A notes;

• $100 million of 3.03% 17-year series B notes;

• $100 million of 3.27% 21-year series C notes; and

• $50 million of 3.52% 25-year series D notes.

Lincoln Electric is a Cleveland-based manufacturer of welding products.

Separately, Neuberger Berman announced the closing of NB Private Debt Fund II LP in a Thursday press release.

The fund, which seeks to invest in the junior debt of private equity-backed companies, including unitranche loans, second-lien loans and mezzanine debt securities, closed on $750 million of limited partner commitments, according to the release.

The fund’s global investor base of more than 25 institutions includes public and private pensions, insurance companies and foundations from North America, Europe and Japan.

The fund targets investments in North America with EBITDA of $25 million to $250 million, the release states. The fund’s average investment size is between $25 million and $75 million. At the final close, the fund was 28% invested in 15 companies.

Neuberger Berman Group LLC is an asset management company based in New York.

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