By Marisa Wong
Morgantown, W.Va., Nov. 1 – Sensient Technologies Corp. entered into a fixed-rate senior note purchase agreement on Thursday with a group of financial institutions including New York Life Insurance Co., Metropolitan Life Insurance Co. and Prudential Insurance Co. of America, according to an 8-K filing with the Securities and Exchange Commission.
The notes include $25 million of 4.19% seven-year dollar-denominated senior notes, series J; £25 million of 2.53% five-year sterling-denominated senior notes, series K; and £25 million of 2.76% seven-year sterling-denominated senior notes, series L.
Proceeds were used to refinance existing debt.
Similar to Sensient’s other debt agreements, the note purchase agreement requires Sensient to maintain a ratio of consolidated total funded debt to consolidated EBITDA of not more than 3.50 to 1.00 and a fixed-charge coverage ratio of not less than 2.00 to 1.00.
Sensient is a Milwaukee-based manufacturer and marketer of colors, flavors and fragrances.
| Issuer: | Sensient Technologies Corp.
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| Issue: | Senior notes
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| Investors: | New York Life Insurance Co., Metropolitan Life Insurance Co. and Prudential Insurance Co. of America
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| Settlement date: | Nov. 1
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| Series J notes
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| Amount: | $25 million
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| Maturity: | Nov. 1, 2025
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| Coupon: | 4.19%
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| Series K notes
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| Amount: | £25 million
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| Maturity: | Nov. 1, 2023
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| Coupon: | 2.53%
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|
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| Series L notes
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| Amount: | £25 million
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| Maturity: | Nov. 1, 2025
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| Coupon: | 2.76%
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