Valspar to pay down term loan debt with some proceeds of senior notes

By Wendy Van Sickle

Columbus, Ohio, July 22 – Valspar Corp. will repay borrowings under its term loan facility with some proceeds of a planned offering of senior notes due 2026, according to an 8-K filed with the Securities and Exchange Commission.

As of July 13, Valspar had about $350 million outstanding under the term loan, which matures Nov. 29, 2016. The facility has a weighted-average interest rate of about 1.315% per annum.

The term loan borrowings were used for working capital and general corporate purposes, including initial funding for the company’s acquisition of the performance coatings businesses of Quest Specialty Chemicals, which closed on June 1.

Valspar said it will also use proceeds from the senior note offering for general corporate purposes.

Based in Minneapolis, Valspar is a coating and paint manufacturer.

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