By Jennifer Chiou
New York, Aug. 27 - Stericycle, Inc. said it agreed to issue $175 million of new 3.89% seven-year unsecured series A senior notes and $225 million of new 4.47% 10-year unsecured series B senior notes.
The sale is expected to close on Oct. 15.
The notes have a make-whole call at Treasuries plus 50 basis points.
The company previously said it is selling the notes to diversify its capital structure and to take advantage of attractive interest rates. It announced plans for the note purchase agreement with a group of institutional investors on July 22.
Proceeds will be used to reduce borrowings under the company's revolving credit facility and for general corporate purposes.
The investors were: Metropolitan Life Insurance Co., Union Fidelity Life Insurance Co., Allstate Investments LLC, New York Life Investment Management LLC, Hartford Investment Management Co., Nationwide Investments, Babson Capital Management LLC, Columbia Management Investment Advisers, LLC, Thrivent Financial for Lutherans, Delaware Investment Advisers, Northwestern Mutual Life Insurance Co., Jackson National Life Insurance Co., Allianz of America, Inc., AXA Equitable Life Insurance Co., Members Capital Advisors, Inc., Southern Farm Bureau Life Insurance Co., Goodwin Capital Advisers, Modern Woodmen of America, Mutual of Omaha Insurance Co., Woodmen of the World Life Insurance Society, Knights of Columbus, Physicians Insurance, Seabright Insurance Co., and Country Life Insurance Co.
Stericycle is a Lake Forest, Ill.-based provider of medical waste collection, transportation, treatment and disposal services and safety and compliance programs.
| Issuer: | Stericycle, Inc.
|
| Issue: | Unsecured senior notes
|
| Total amount: | $400 million
|
| Pricing date: | Aug. 18
|
| Settlement: | Oct. 15
|
|
|
| Series A notes
|
| Amount: | $175 million
|
| Price: | Par
|
| Maturity: | Oct. 15, 2017
|
| Coupon: | 3.89%
|
| Call: | Make-whole call at Treasuries plus 50 bps
|
|
|
| Series B notes
|
| Amount: | $225 million
|
| Price: | Par
|
| Maturity: | Oct. 15, 2020
|
| Coupon: | 4.47%
|
| Call: | Make-whole call at Treasuries plus 50 bps
|
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