By Lisa Kerner
Charlotte, N.C., Aug. 10 - Worthington Industries, Inc. issued $150 million of 12-year unsecured senior notes due 2024 through a private placement with Prudential Capital Group.
The notes will bear interest at a fixed rate of 4.6%, a company news release said.
Worthington will use the proceeds to repay debt.
"This debt issuance provides favorable long-term financing for our recent acquisition of Angus Industries and provides us with ample liquidity to address the maturity of the $100.0 million notes due in December 2014," said chief financial officer Andy Rose in a news release.
Worthington is a Columbus, Ohio-based metals manufacturer.
| Issuer: | Worthington Industries, Inc.
|
| Issue: | Unsecured senior notes
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| Amount: | $150 million
|
| Coupon: | 4.6%
|
| Maturity: | 2014
|
| Distribution: | Private placement
|
| Purchaser: | Prudential Capital Group
|
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