By William Gullotti
Buffalo, N.Y., Nov. 30 – Davey Tree Expert Co. completed a $75 million private placement of 6.19% series C senior notes due Nov. 28, 2028 with PGIM, Inc. on Tuesday, according to an 8-K filing with the Securities and Exchange Commission.
The notes are guaranteed by subsidiaries Davey Tree Surgery Co., Wolf Tree, Inc., Davey Resource Group, Inc. and Wetlands Studies and Solutions, Inc.
Beginning Nov. 28, 2026, the company will pay three equal, annual principal payments.
Proceeds will be used for general corporate purposes and to pay down borrowings under the company’s revolving credit facility.
Following the placement, the company now has $150 million principal amount of notes outstanding under its Sept. 21, 2018 note purchase and private shelf agreement with the investor.
Kent, Ohio-based Davey Tree provides residential and commercial tree and landscaping services throughout North America.
| Issuer: | Davey Tree Expert Co.
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| Guarantors: | Davey Tree Surgery Co., Wolf Tree, Inc., Davey Resource Group, Inc. and Wetlands Studies and Solutions, Inc.
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| Amount: | $75 million
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| Issue: | Series C senior notes
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| Maturity: | Nov. 28, 2028
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| Coupon: | 6.19%
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| Call: | Make-whole call
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| Investor: | PGIM, Inc.
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| Settlement date: | Nov. 28
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| Distribution: | Private placement
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