By Lisa Kerner
Charlotte, N.C., Sept. 21 - Ametek, Inc. provided additional details on its previously announced private placement of £80 million of 4.68% senior notes due Sept. 17, 2020, series H, in a form 8-K filing with the Securities and Exchange Commission.
Ametek may prepay at any time all, or from time to time any part of, the notes in a minimum principal amount of £3 million and otherwise in multiples of £500,000 at par plus accrued interest, a make-whole amount calculated using Treasuries plus 50 basis points and any applicable swap reimbursement amount.
Under the note purchase agreement, Ametek is required to maintain a debt-to-EBITDA ratio of not more than 3.5 to 1.0 and an interest coverage ratio of not less than 2.5 to 1.0 for any period of four consecutive fiscal quarters.
The notes have not been registered, and will not be registered, under the Securities Act of 1933, according to a company news release.
Purchasers include Metropolitan Life Insurance Co. and MetLife Investors USA Insurance Co.
Proceeds will be used to repay existing debt and for general corporate purposes.
The Paoli, Pa.-based electronic instruments manufacturer said it also repaid a £50 million note that matured on Friday.
| Issuer: | Ametek, Inc.
|
| Issue: | Senior notes
|
| Amount: | £80 million
|
| Maturity: | Sept. 17, 2020
|
| Coupon: | 4.68%
|
| Price: | Par
|
| Call option: | Subject to minimum of £3 million and make-whole amount at Treasuries plus 50 bps
|
| Settlement date: | Sept. 17
|
| Distribution: | Private placement
|
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