By Lisa Kerner
Charlotte, N.C., Jan. 31 - UTi Worldwide Inc. issued $200 million of senior guaranteed notes in a private placement to a limited number of institutional investors including Prudential Life Insurance Co. of America on Jan. 25, according to an 8-K filing with the Securities and Exchange Commission.
The notes were issued as $150 million of 4.1% series A notes due 2022 and $50 million of 3.5% series B notes due 2020.
Principal payments of $20 million each are due for the series A notes on Feb. 1, 2018, Aug. 1, 2018, Aug. 1, 2020, Feb. 1, 2021, Aug. 1, 2021 and Feb. 1, 2022 and of $10 million each on Feb. 1, 2019, Aug. 1, 2019 and Feb. 1, 2020.
Principal payments of $10 million each are due for the series B notes on the first day of February and August of each year from Feb. 1, 2018 through Feb. 1, 2020.
UTi may at any time prepay all or a part of the principal amount of the notes subject to a make-whole payment and other terms, the filing said.
In exchange for the series A notes, the purchasers delivered to UTi $150 million of 3.67% senior guaranteed notes due Aug. 24, 2018 issued by UTi on June 24, 2011. In exchange for the series B notes, the purchasers delivered $50 million in immediately available funds.
The company used a portion of the net proceeds to repay its outstanding 8.06% senior notes due Aug. 9, 2014 and issued on July 9, 2009.
After giving effect to the refinancing, the company has increased its net total senior debt outstanding by about $13 million, according to the filing.
UTi Worldwide is an ocean freight and logistics company based in Road Town, the British Virgin Islands.
| Issuer: | UTi Worldwide Inc.
|
| Issue: | Senior guaranteed notes
|
| Amount: | $200 million
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| Distribution: | Private placement
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| Settlement date: | Jan. 25
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| Purchaser: | Prudential Life Insurance Co. of America
|
|
|
| Series A
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| Amount: | $150 million
|
| Maturity: | Feb. 1, 2022
|
| Coupon: | 4.1%
|
|
|
| Series B
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| Amount: | $50 million
|
| Maturity: | Feb. 1, 2020
|
| Coupon: | 3.5%
|
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