Woodward: $250 million note placement completed with $150 million issued Friday

By Lisa Kerner

Charlotte, N.C., Nov. 19 - Woodward, Inc. settled the remaining $150 million of senior notes under its Oct. 1 purchase agreement for $250 million of notes in six tranches.

According to an 8-K filing made with the Securities and Exchange Commission on Tuesday, the company issued the following notes on Friday:

• $50 million of floating-rate series J note due Nov. 15, 2020;

• $50 million of 4.03% series K notes due Nov. 15, 2023; and

• $50 million of 4.18% series L notes due Nov. 15, 2025.

As previously reported, interest on the series K and L notes will be payable semiannually.

The series J notes generally will bear interest at Libor plus 125 basis points, and interest will be payable quarterly.

The fixed-rate notes have a make-whole call option at Treasuries plus 50 bps. The floating-rate notes are callable at 102% of par on or prior to Nov. 15, 2014, at 101% of par after Nov. 15, 2014 and on or prior to Nov. 15, 2015 and at par after Nov. 15, 2015.

Woodward placed $100 million on Oct. 1 as follows: $50 million of 3.42% series G notes due Nov. 15, 2020, $25 million of 4.03% series H notes due Nov. 15, 2023 and $25 million of 4.18% series I notes due Nov. 15, 2025.

Proceeds will be used to refinance existing debt and for general corporate purposes.

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.

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