Lexmark International plans $300 million seven-year note offering

By Cristal Cody

Tupelo, Miss., Feb. 27 - Lexmark International, Inc. is expected to bring a $300 million offering of seven-year senior notes (Baa3/BBB-/) on Wednesday, according to a syndicate source.

J.P. Morgan Securities LLC and Citigroup Global Markets Inc. are the joint bookrunners.

The issue has a 101% change-of-control put, according to a preliminary prospectus supplement filed with the Securities and Exchange Commission.

The notes are redeemable at any time, in whole or in part, at Lexmark's option, on at least 30 days prior notice.

Proceeds will be used to redeem the company's 5.9% senior notes due June 1, 2013 and for general corporate funds to repay other debt, finance capital expenditures and operating expenses, fund share repurchases, fund dividends, finance acquisitions and invest in subsidiaries.

Lexmark is a Lexington, Ky.-based imaging, printing and software company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.