By Devika Patel
Knoxville, Tenn., Dec. 18 – Ametek Inc. agreed to place about $660.05 million equivalent in four series of senior notes, which will settle in two tranches, according to an 8-K filed with the Securities and Exchange Commission.
The first tranche settled at pricing and included $275 million of 4.18% notes due December 2025, €75 million, or $85.05 million, of 1.71% notes due December 2027, $150 million of 4.32% notes due December 2027 and $50 million of 4.37% notes due December 2028.
The second tranche will settle on Jan. 14 and will consist of $100 million of the 4.32% notes.
The notes are being sold at a weighted average interest rate of 3.93% and a weighted average maturity of 8.2 years.
Proceeds will be used for growth strategies and to repay debt.
Ametek is a Berwyn, Pa.-based manufacturer of electronic instruments and electro-mechanical devices.
| Issuer: | Ametek Inc.
|
| Issue: | Senior notes
|
| Amount: | $660.05 million (approximate equivalent of $575 million plus €75 million)
|
| Pricing date: | Dec. 13
|
| Distribution: | Private placement
|
|
|
| 2025 notes
|
| Amount: | $275 million
|
| Maturity: | December 2025
|
| Coupon: | 4.18%
|
| Settlement date: | Dec. 13
|
|
|
| 1.71% 2027 notes
|
| Amount: | €75 million, or about $85.05 million
|
| Maturity: | December 2027
|
| Coupon: | 1.71%
|
| Settlement date: | Dec. 13
|
|
|
| 4.32% 2027 notes
|
| Amount: | $250 million
|
| Maturity: | December 2027
|
| Coupon: | 4.32%
|
| Settlement date: | Dec. 13 (for $150 million), Jan. 14 (for $100 million)
|
|
|
| 2028 notes
|
| Amount: | $50 million
|
| Maturity: | December 2028
|
| Coupon: | 4.37%
|
| Settlement date: | Dec. 13
|
|
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