Worthington Industries Announces Pricing of $250 Million of Senior Notes
April 10 2014 - 4:02PM
Marketwired
Worthington Industries Announces Pricing of $250 Million of Senior
Notes
COLUMBUS, OH--(Marketwired - Apr 10, 2014) - Worthington
Industries, Inc. (NYSE: WOR) today announced that it has priced its
$250 million aggregate principal amount of senior notes due 2026.
The senior notes will bear interest at a rate of 4.55%. The notes
are being sold to the public at 99.789% of the principal amount
thereof, to yield 4.573% to maturity. The Company intends to use
the net proceeds from the offering to repay the outstanding
borrowings under its revolving credit facility and to repay amounts
outstanding under its revolving trade accounts receivable
securitization facility. The remaining portion of the net
proceeds will be added to working capital and used for general
corporate purposes, which may include repayment of other
indebtedness.
The notes will mature on April 15, 2026. The offering is
expected to close on April 15, 2014, subject to customary closing
conditions.
The joint book-running managers for the offering were J.P.
Morgan Securities LLC and Wells Fargo Securities, LLC. The offering
is being made pursuant to an effective shelf registration statement
previously filed by the Company with the U.S. Securities and
Exchange Commission (SEC) and only by means of a prospectus and
related prospectus supplement.
Copies of the prospectus and related prospectus supplement
relating to the offering may be obtained by contacting (i) J.P.
Morgan Securities LLC, 383 Madison Ave., New York, NY, 10179,
Attention: Investment Grade Syndicate Desk, 3rd Floor or by calling
1-212-834-4533; or (ii) Wells Fargo Securities, LLC, Attention:
Capital Markets Client Support, 1525 West W.T. Harris Blvd.,
Charlotte, NC, 28262-0675, by calling toll-free 1-800-326-5897 or
emailing cmclientsupport@wellsfargo.com. The prospectus and the
prospectus supplement may also be obtained from the U.S. SEC's
website at www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sales of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities law of any jurisdiction.
Worthington Industries is a leading diversified metals
manufacturing company with 2013 fiscal year sales of $2.6 billion.
The Columbus, Ohio based company is North America's premier
value-added steel processor and a leader in manufactured metal
products, such as propane, oxygen, refrigerant and industrial
cylinders, hand torches, camping cylinders, scuba tanks, compressed
natural gas storage cylinders, helium balloon kits and exploration,
recovery and production tanks for global energy markets;
custom-engineered open and enclosed cabs and operator stations for
heavy mobile equipment; laser welded blanks; steel pallets and
racks; and through joint ventures, suspension grid systems for
concealed and lay-in panel ceilings, current and past model
automotive service stampings and light gauge steel framing for
commercial and residential construction. Worthington employs
approximately 10,000 people and operates 82 facilities in 10
countries.
Founded in 1955, the Company operates under a long-standing
corporate philosophy rooted in the golden rule. Earning money for
its shareholders is the first corporate goal. This philosophy
serves as an unwavering commitment to the customer, supplier, and
shareholder, and it serves as the Company's foundation for one of
the strongest employee-employer partnerships in American
industry.
Safe Harbor Statement
The Company wishes to take advantage of the Safe Harbor
provisions included in the Private Securities Litigation Reform Act
of 1995 (the "Act"). This press release includes
"forward-looking statements" within the meaning of the
Act. All statements by the Company, other than statements
regarding historical information, included in this press release
that address activities, events or developments that the Company
expects, believes or anticipates will or may occur in the future
constitute "forward-looking statements" within the meaning of the
Act. These statements include the Company's plan to complete a
public offering of $250 million aggregate principal amount of
senior notes. All forward-looking statements are subject to a
number of assumptions, risks and uncertainties, many of which are
beyond the control of the Company, including the Company's ability
to sell the senior notes, general economic factors and other
factors described in the Company's reports filed with the SEC.
CONTACTS: Cathy M. Lyttle VP, Corporate Communications and
Investor Relations Phone: (614) 438-3077 E-mail: Email Contact
Sonya L. Higginbotham Director, Corporate Communications Phone:
(614) 438-7391 E-mail: Email Contact
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