Worthington Industries talks $250 million 12-year notes for Thursday pricing

By Aleesia Forni

Virginia Beach, April 10 - Worthington Industries Inc. announced price guidance for a planned $250 million offering of senior notes (Baa3/BBB/) due 2026 on Thursday in the low 200 basis points area over Treasuries, according to a market source and a 424B5 filed with the Securities and Exchange Commission.

J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the joint bookrunners.

Proceeds will be used to repay borrowings under the company's revolving credit facility and to repay amounts outstanding under its revolving trade accounts receivable securitization facility.

Any remaining proceeds will be added to the company's working capital and be used for general corporate purposes, which may include the repayment of other debt.

The metal processing company is based in Columbus, Ohio.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.