By Lisa Kerner
Charlotte, N.C., Dec. 8 - Curtiss-Wright Corp. announced it completed a private placement of $300 million of senior notes to institutional investors.
The notes included $100 million of 3.84% senior notes due 2021 and $200 million of 4.24% senior notes due 2026.
"Due to exceptionally strong demand, the offering was increased to $300 million from $150 million originally sought," said chairman and chief executive officer Martin R. Benante in a news release.
Proceeds will be used to reduce outstanding debt under the company's revolving credit facilities and for general corporate purposes, which may include funding for working capital, capital expenditures, repurchases of stock and acquisitions, a company news release said.
"Although the notes will result in higher interest cost in the short term, we believe that this issuance will benefit our stockholders over the long term and more closely align our capital structure with our overall corporate strategy," Benante said.
The offering is exempt from the registration requirements of the Securities Act of 1933.
Based in Parsippany, N.J., Curtiss-Wright designs, manufactures and overhauls products for motion control and flow control applications and provides metal treatment services.
| Issuer: | Curtiss-Wright Corp.
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| Issue: | Senior notes
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| Amount: | $300 million
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| Distribution: | Private placement
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|
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| Ten-year notes
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| Amount: | $100 million
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| Coupon: | 3.84%
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| Maturity: | 2021
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|
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| Fifteen-year notes
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| Amount: | $200 million
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| Coupon: | 4.24%
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| Maturity: | 2026
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