By Wendy Van Sickle
Columbus, Ohio, Oct. 5 – UL Solutions Inc. priced $300 million of 6.5% senior notes due Oct. 20, 2028 (Baa3/BBB/BBB+) on Thursday, according to a news release.
The notes will be guaranteed by the company’s wholly owned subsidiary, UL LLC.
The notes may be redeemed, in whole or in part, at any time prior to Sept. 20, 2028, at par plus a premium, and at any time thereafter at par plus, in each case, accrued interest, if any.
The company intends to use the cash proceeds, together with borrowings under its credit facility and cash on hand, to fund a $600 million special dividend to UL Standards & Engagement, the sole stockholder of the company, and to pay fees and expenses incurred in connection with the offering.
Distribution is through Rule 144A and Regulation S.
The global safety science company is based in Northbrook, Ill.
Issuer: | UL Solutions Inc.
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Guarantor: | UL LLC
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Issue: | Senior notes
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Amount: | $300 million
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Maturity date: | Oct. 20, 2028
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Coupon: | 6.5%
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Call: | In whole or in part, at any time prior to Sept. 20, 2028, at par plus premium; at any time thereafter at par
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Ratings: | Moody’s: Baa3
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| S&P: BBB
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| Fitch: BBB+
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Pricing date: | Oct. 5
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Settlement date: | Oct. 20
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Distribution: | Rule 144A and Regulation S
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