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Worthington Prices $150 Million of Senior Notes
04/12/2010 - Worthington Industries has priced its $150 million aggregate principal amount of senior notes due 2020 at 6.50% interest.
Worthington Industries, Inc. has priced its $150 million aggregate principal amount of senior notes due 2020 at 6.50% interest.
The notes are being sold to the public at 99.890% of the principal amount thereof, to yield 6.515% to maturity.
The company said that it intends to use net proceeds from the offering to repay a portion of the outstanding borrowings under its revolving credit facility and amounts outstanding under its revolving trade accounts receivable securitization facility.
The notes will mature on April 15, 2020. Joint book-running managers for the offering were Credit Suisse (USA) LLC and Wells Fargo Securities, LLC. The offering is being made only by means of a prospectus and related prospectus supplement.
The offering is expected to close on April 13, 2010, subject to customary closing conditions.
Worthington Industries is a leading diversified metals manufacturing company with 2009 fiscal year sales of approximately $2.6 billion. The Columbus, Ohio, based company a premier value-added steel processor and a leader of manufactured metal products. Worthington employs approximately 6300 people and operates 64 facilities in 11 countries.
