Published on 6/28/2018 in the Prospect News Private Placement Daily.
New Issue: Nordson places $350 million notes in seven series due 2023 to 2030
By Marisa Wong
Morgantown, W.Va., June 28 – Nordson Corp. sold $350 million of senior notes in a private placement on June 22, according to an 8-K filing with the Securities and Exchange Commission.
The notes consist of $90 million series 2018-A, $70 million series 2018-B, $60 million series 2018-C, $40 million series 2018-D, $40 million series 2018-E, $20 million series 2018-F and $30 million series 2018-G senior notes maturing between June 22, 2023 and June 24, 2030.
The notes bear interest at fixed rates between 3.71% and 4.17%.
The company is obligated to pay the investors yield maintenance amounts if it prepays the notes prior to their respective final stated maturities.
The company used the proceeds from the notes sale to repay about $315 million of the outstanding balance under its existing syndicated revolving credit facility. The company intends to use the remainder of the proceeds for general corporate purposes.
Nordson is a Westlake, Ohio-based manufacturer and marketer of differentiated products and systems used for dispensing adhesives, coatings, sealants, biomaterials and other materials, fluid management, test and inspection, UV curing and plasma surface treatment.
| Issuer: | Nordson Corp.
|
| Issue: | Senior notes
|
| Amount: | $350 million
|
| Investors: | State Farm Life Insurance Co., State Farm Life and Accident Assurance Co., State Farm Insurance Cos. Employee Retirement Trust, Northwestern Mutual Life Insurance Co., Northwestern Mutual Life Insurance Co. for its Group Annuity Separate Account, Thrivent Financial for Lutherans, AXA Equitable Life Insurance Co., AB US Diversified Credit BM Fund, Principal Life Insurance Co., RGA Reinsurance Co., Modern Woodmen of America, RiverSource Life Insurance Co., Woodmen of the World Life Insurance Society
|
| Pricing date: | June 22
|
| Distribution: | Private placement
|
|
|
| Series 2018-A
|
| Amount: | $90 million
|
| Maturity: | June 22, 2023
|
| Coupon: | 3.71%
|
|
|
| Series 2018-B
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| Amount: | $70 million
|
| Maturity: | June 24, 2024
|
| Coupon: | 3.82%
|
|
|
| Series 2018-C
|
| Amount: | $60 million
|
| Maturity: | June 23, 2025
|
| Coupon: | 3.92%
|
|
|
| Series 2018-D
|
| Amount: | $40 million
|
| Maturity: | June 22, 2026
|
| Coupon: | 3.99%
|
|
|
| Series 2018-E
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| Amount: | $40 million
|
| Maturity: | June 22, 2028
|
| Coupon: | 4.07%
|
|
|
| Series 2018-F
|
| Amount: | $20 million
|
| Maturity: | June 22, 2029
|
| Coupon: | 4.12%
|
|
|
| Series 2018-G
|
| Amount: | $30 million
|
| Maturity: | June 24, 2030
|
| Coupon: | 4.17%
|
|
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