By Devika Patel
Knoxville, Tenn., June 29 – Advanced Drainage Systems, Inc. completed a private placement of $75 million of seven-year 3.53% senior series C secured notes on June 28, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The notes were sold under a June 22 private shelf agreement with PGIM, Inc.
Proceeds will be used to repay debt under the company’s credit agreement.
The notes were the first sale from the company’s amended and restate private shelf agreement with PGIM.
Under the amended shelf, Advanced Drainage can sell notes over the next three years as long as the total outstanding does not exceed $175 million.
The Hilliard, Ohio, company makes thermoplastic corrugated pipe and related water management products.
| Issuer: | Advanced Drainage Systems, Inc.
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| Issue: | Senior series C secured notes
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| Amount: | $75 million
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| Maturity: | Seven years
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| Coupon: | 3.53%
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| Settlement date: | June 28
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| Distribution: | Private placement
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| Investor: | PGIM, Inc.
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