H.B. Fuller to fully repay revolver, some term loan debt via offering

By Tali Rackner

Norfolk, Va., Feb. 9 – H.B. Fuller Co. plans to repay all amounts outstanding under its revolving credit facility with about $138 million of the proceeds from a new note offering, according to an 8-K filing with the Securities and Exchange Commission.

The remainder of the net proceeds will be used to repay a portion of the company’s outstanding term loan, and then for general corporate purposes.

As of Feb. 6, there was $138 million drawn on the revolver, which matures on Oct. 31, 2019. All of this amount was borrowed in January to finance H.B. Fuller’s acquisition of Wisdom Adhesives Worldwide, related fees and expenses and general corporate purposes, including short-term cash flow needs.

Also as of Feb. 6, there was a balance of $258.75 million drawn on the term loan, which also matures on Oct. 31, 2019.

The industrial adhesives, sealants, coatings and specialty materials company is based in St. Paul, Minn.

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