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Wabco to place $500 million notes; Arcadis enters Schuldschein market for 170 million
By Lisa Kerner
Charlotte, N.C., May 11 Wabco Holdings Inc. agreed to issue senior notes totaling $500 million, according to an 8-K filing with the Securities and Exchange Commission.
The notes will be issued as $150 million of 2.83% notes, series A, due 2022; $200 million of 3.08% notes, series B, due 2025; and $150 million of 3.18% notes, series C, due 2027.
According to Wabco, the note purchase agreement enables it to secure long-term fixed-rate funding to pay down short-term variable-rate obligations.
Wabco is based in Piscataway, N.J. It makes electronic, mechanical and mechatronic products for automobile manufacturers.
Arcadis NV raised 170 million through its inaugural transaction in the Schuldschein market in an upsized offer.
The company issued debt in two tranches: a five-year tranche of 70 million priced with a spread of 150 bps and a seven-year tranche of 100 million priced with a spread of 175 bps.
Arcadis said it is using the instrument to take out the remainder of the bridge financing that was in place for the Hyder acquisition concluded at years end.
Remaining funds can be used to finance future growth, according to a news release.
Arcadis is an engineering and consultancy firm based in Amsterdam.
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