By Devika Patel
Knoxville, Tenn., Dec. 9 – Littelfuse, Inc. placed about $350 million of senior notes in four tranches, according to an 8-K filed Friday with the Securities and Exchange Commission.
The notes include $25 million of 3.03% notes due Feb. 15, 2022, €117 million of 1.14% notes due Dec. 8, 2023, $125 million of 3.74% notes due Feb. 15, 2027 and €95 million of 1.83% notes due Dec. 8, 2028.
The dollar-denominated notes will settle Feb. 15. The euro-denominated notes settled Dec. 8 and were issued by subsidiary Littelfuse Netherland CV.
The agent is BofA Merrill Lynch.
The average interest rate is 2.25%.
The dollar notes have a make-whole call option at Treasuries plus 50 basis points. The euro notes have a make-whole call option at 50 bps over the yield of the benchmark German Bund.
Proceeds will be used to reduce debt under the company’s revolving credit facility and for other general corporate purposes.
“This transaction optimizes our debt maturity profile, limits our interest rate exposure and provides long-term financial flexibility for the execution of our strategy,” chief financial officer Meenal Sethna said in a press release.
Chicago-based Littelfuse is a manufacturer of circuit protection products.
| Issuer: | Littelfuse, Inc.
|
| Issue: | Senior notes
|
| Amount: | $150 million
|
| Agent: | BofA Merrill Lynch
|
| Call option: | Make-whole at Treasuries plus 50 bps
|
| Pricing date: | Dec. 8
|
| Settlement date: | Feb. 15
|
|
|
| Five-year notes
|
| Amount: | $25 million
|
| Maturity: | Feb. 15, 2022
|
| Coupon: | 3.03%
|
|
|
| 10-year notes
|
| Amount: | $125 million
|
| Maturity: | Feb. 15, 2027
|
| Coupon: | 3.74%
|
|
|
|
|
| Issuer: | Littelfuse Netherland CV
|
| Issue: | Senior notes
|
| Amount: | €212 million
|
| Agent: | BofA Merrill Lynch
|
| Call option: | Make-whole at Bund plus 50 bps
|
| Settlement date: | Dec. 8
|
|
|
| Seven-year notes
|
| Amount: | €117 million
|
| Maturity: | Dec. 8, 2023
|
| Coupon: | 1.14%
|
|
|
| 12-year notes
|
| Amount: | €95 million
|
| Maturity: | Dec. 8, 2028
|
| Coupon: | 1.83%
|
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