EnerSys to repay revolver borrowings with funds from sale of notes

New York, April 6 – EnerSys said it will use some of the proceeds of an offering of senior notes due 2023 to repay borrowings under its revolving credit facility.

The company announced the $300 million note sale in a press release on Monday.

Funds from the transaction will be used to repay the company’s $172.4 million of 3.375% convertible notes due 2038.

The company said remaining proceeds may be used to pay the premium on the convertibles, although it also has the option to settle this amount partly or wholly by issuing stock.

Further proceeds will be used to repay revolver borrowings and for general corporate purposes.

EnerSys is a Reading, Pa., maker of industrial batteries.

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