By Lisa Kerner
Charlotte, N.C., April 3 - Finning International Inc. completed a U.S. private placement of three series of senior notes totaling $300 million.
The sale was comprised of $50 million of 4.18% series C senior due April 3, 2022, $50 million of 4.28% series D notes due April 3, 2024 and $200 million of 4.53% series E notes due April 3, 2027.
Finning expects to use the proceeds to fund the anticipated purchase from Caterpillar Inc. of the distribution and support business formerly carried on by Bucyrus International Inc. in Finning's territories in South America, according to a company news release.
The acquisition is expected to close during the second quarter.
Finning is a Vancouver, B.C.-based dealer of heavy equipment.
| Issuer: | Finning International Inc.
|
| Issue: | Senior notes
|
| Amount: | $300 million
|
| Settlement date: | April 3
|
| Distribution: | Private placement
|
|
|
| Series C
|
| Amount: | $50 million
|
| Maturity: | April 3, 2022
|
| Coupon: | 4.18%
|
|
|
| Series D
|
| Amount: | $50 million
|
| Maturity: | April 3, 2024
|
| Coupon: | 4.28%
|
|
|
| Series E
|
| Amount: | $200 million
|
| Maturity: | April 3, 2027
|
| Coupon: | 4.53%
|
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