By Lisa Kerner
Charlotte, N.C., Oct. 1 - Woodward, Inc. placed three series of senior notes totaling $100 million with institutional investors.
The notes have seven-, 10- and 12-year maturities and an effective weighted average interest rate of 3.76%, according to a company news release.
Woodward will use the proceeds to repay all of its outstanding 5.63% series B senior notes due Oct. 1.
Also, under the terms of the note purchase agreement, Woodward intends to issue an additional $150 million of senior notes, including one series of floating-rate notes with similar maturities and an overall effective weighted average interest rate on the fixed-rate notes of 4.11%. The notes will be issued on Nov. 15.
The notes have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
The Fort Collins, Colo.-based company, formerly Woodward Governor Co., is a designer, manufacturer and service provider of control products for the aerospace and energy markets.
| Issuer: | Woodward, Inc.
|
| Issue: | Senior notes
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| Amount: | $250 million
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| Distribution: | Private placement
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|
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| First closing
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| Amount: | $100 million
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| Coupon: Weighted average of 3.76%
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| Maturities: | Seven, 10, 12 years
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| Settlement date: | Oct. 1
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|
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| Second closing
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| Amount: | $150 million
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| Coupon: Some floating, some fixed; weighted average fixed rate will be 4.11%
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| Settlement: | Nov. 15
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