Kemet to offer $400 million of senior secured notes due 2019

By Marisa Wong

Madison, Wis., Nov. 3 – Kemet Corp. said it plans to offer $400 million of senior secured notes (B-/) due 2019.

The notes are expected to be secured by a first-priority lien on 51% of the capital stock of some of Kemet’s foreign restricted subsidiaries and a second-priority lien on substantially all of the personal property assets of the company and its domestic subsidiaries that secure its existing asset-based revolving credit facility.

The company intends to use proceeds from the Rule 144A and Regulation S offering to redeem all of its outstanding 10˝% senior notes due 2018 and reduce outstanding borrowings under its existing asset-based revolver.

Kemet is a Greenville, S.C.-based capacitor manufacturer.

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