By Marisa Wong
Morgantown, W.Va., May 5 – Sensient Technologies Corp. entered into a new fixed-rate, senior note purchase agreement on May 3 with a group of financial institutions including New York Life Insurance Co., Metropolitan Life Insurance Co. and Prudential Insurance Co. of America, according to an 8-K filed Friday with the Securities and Exchange Commission.
The notes include $27 million of dollar-denominated seven-year 3.65% series G senior notes, €50,000,000.01 of euro-denominated seven-year 1.27% series H senior notes and €39,999,999.99 of euro-denominated 10-year 1.71% series I senior notes.
Proceeds were used to refinance existing debt.
Similar to Sensient’s other debt agreements, the note purchase agreement requires Sensient to maintain a leverage ratio of no more than 3.50 to 1.00 and a fixed-charge coverage ratio of not less than 2.00 to 1.00.
Sensient is a Milwaukee-based manufacturer and marketer of colors, flavors and fragrances.
| Issuer: | Sensient Technologies Corp.
|
| Issue: | Senior notes
|
| Investors: | New York Life Insurance Co., Metropolitan Life Insurance Co. and Prudential Insurance Co. of America
|
| Settlement date: | May 3
|
|
|
| Series G notes
|
| Amount: | $27 million
|
| Maturity: | May 3, 2024
|
| Coupon: | 3.65%
|
|
|
| Series H notes
|
| Amount: | €50,000,000.01
|
| Maturity: | May 3, 2024
|
| Coupon: | 1.27%
|
|
|
| Series I notes
|
| Amount: | €39,999,999.99
|
| Maturity: | May 3, 2027
|
| Coupon: | 1.71%
|
|
|
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