By Aleesia Forni
Virginia Beach, April 10 - Worthington Industries Inc. sold $250 million of 4.55% senior notes (Baa3/BBB/) due 2026 on Thursday with a spread of Treasuries plus 195 basis points, according to a market source and an FWP filed with the Securities and Exchange Commission.
Pricing was at 99.789 to yield 4.573%.
The notes sold at the tight end of the Treasuries plus 200 bps area talk.
J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the joint bookrunners.
Proceeds will be used to repay borrowings under the company's revolving credit facility as well as amounts outstanding under its revolving trade accounts receivable securitization facility.
Any remaining proceeds will be added to the company's working capital and used for general corporate purposes, which may include the repayment of other debt.
The metal processing company is based in Columbus, Ohio.
| Issuer: | Worthington Industries Inc.
|
| Amount: | $250 million
|
| Description: | Senior notes
|
| Maturity: | April 15, 2026
|
| Bookrunners: | J.P. Morgan Securities LLC, Wells Fargo Securities LLC
|
| Co-managers: | BofA Merrill Lynch, PNC Capital LLC, U.S. Bank NA
|
| Coupon: | 4.55%
|
| Price: | 99.789
|
| Yield: | 4.573%
|
| Spread: | Treasuries plus 195 bps
|
| Trade date: | April 10
|
| Settlement date: | April 15
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB
|
| Price talk: | Treasuries plus 200 bps area, tightened from Treasuries plus low-200 bps area
|
| Make-whole call: | Treasuries plus 30 bps
|
| Distribution: | SEC-registered
|
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