MINNEAPOLIS, July 22, 2015 /PRNewswire/ -- The Valspar
Corporation announced today that it has priced its planned
underwritten public offering of $350
million aggregate principal amount of 3.95% senior notes due
January 15, 2026.
The company intends to use the net proceeds from this offering
for general corporate purposes, including the repayment of
borrowings for the purchase of the performance coatings businesses
of Quest Specialty Chemicals, Inc.
Bank of America Merrill Lynch, HSBC, US Bancorp, and Wells Fargo
Securities are acting as joint book-running managers for the
offering. The offering is being made pursuant to Valspar's shelf
registration statement filed with the U.S. Securities and Exchange
Commission (the SEC) and only by means of a prospectus supplement
and accompanying prospectus. A copy of the prospectus supplement
and accompanying prospectus relating to the offering may be
obtained on the SEC's website at www.sec.gov.
This press release is not an offer to sell or a solicitation of
an offer to buy any of the senior unsecured notes in any
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
Valspar: If it matters, we're on it.®
Valspar is a
global leader in the coatings industry providing customers with
innovative, high-quality products and value-added services.
Our 10,500 employees worldwide deliver advanced coatings solutions
with best-in-class appearance, performance, protection and
sustainability to customers in more than 100 countries. Valspar
offers a broad range of superior coatings products for the consumer
market, and highly-engineered solutions for the construction,
industrial, packaging and transportation markets. Founded in 1806,
Valspar is headquartered in Minneapolis. Valspar's reported net sales in
fiscal 2014 were $4.5 billion and its
shares are traded on the New York Stock Exchange (symbol:VAL). For
more information, visit www.valspar.com and follow @valspar on
Twitter.
FORWARD-LOOKING STATEMENTS
Certain statements
contained in "Management's Discussion and Analysis of Financial
Condition and Results of Operations" and elsewhere in this report
constitute "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. The Private
Securities Litigation Reform Act of 1995 provides a safe harbor for
forward-looking statements. Forward-looking statements are based on
management's current expectations, estimates, assumptions and
beliefs about future events, conditions and financial performance.
Forward-looking statements are subject to risks, uncertainties and
other factors, many of which are outside our control and could
cause actual results to differ materially from such statements. Any
statement that is not historical in nature is a forward-looking
statement. We may identify forward-looking statements with words
and phrases such as "expects," "projects," "estimates,"
"anticipates," "believes," "could," "may," "will," "plans to,"
"intends," "should" and similar expressions. These risks,
uncertainties and other factors include, but are not limited to,
deterioration in general economic conditions, both domestic and
international, that may adversely affect our business; fluctuations
in availability and prices of raw materials, including raw material
shortages and other supply chain disruptions, and the inability to
pass along or delays in passing along raw material cost increases
to our customers; dependence of internal sales and earnings growth
on business cycles affecting our customers and growth in the
domestic and international coatings industry; market share loss to,
and pricing or margin pressure from, larger competitors with
greater financial resources; significant indebtedness that
restricts the use of cash flow from operations for acquisitions and
other investments; dependence on acquisitions for growth, and risks
related to future acquisitions, including adverse changes in the
results of acquired businesses, the assumption of unforeseen
liabilities and disruptions resulting from the integration of
acquisitions; risks and uncertainties associated with
operating in foreign markets, including achievement of profitable
growth in developing markets; impact of fluctuations in foreign
currency exchange rates on our financial results; loss of
business with key customers; damage to our reputation and business
resulting from product claims or recalls, litigation, customer
perception and other matters; our ability to respond to technology
changes and to protect our technology; possible interruption,
failure or compromise of the information systems we use to operate
our business; changes in governmental regulation, including more
stringent environmental, health and safety regulations; our
reliance on the efforts of vendors, government agencies, utilities
and other third parties to achieve adequate compliance and avoid
disruption of our business; unusual weather conditions adversely
affecting sales; changes in accounting policies and standards and
taxation requirements such as new tax laws or revised tax law
interpretations; the nature, cost and outcome of pending and future
litigation and other legal proceedings; and civil unrest and the
outbreak of war and other significant national and international
events. We undertake no obligation to subsequently revise any
forward-looking statement to reflect new information, events or
circumstances after the date of such statement, except as required
by law.
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SOURCE Valspar