Worthington Industries Announces Intent to Offer $200 Million of Senior Notes
July 25 2017 - 08:46AM
Worthington Industries, Inc. (NYSE:WOR) announced today its intent
to offer, subject to market and other conditions, $200 million
aggregate principal amount of senior notes due 2032. The notes will
be general senior unsecured obligations of the Company. 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 the repayment of
other indebtedness.
The joint book-running managers for the offering are J.P. Morgan
Securities LLC and Merrill Lynch, Pierce, Fenner & Smith
Incorporated. 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 (the “SEC”) and only by
means of a prospectus and related prospectus supplement.
Copies of the prospectus and related preliminary prospectus
supplement relating to the offering may be obtained by contacting
(i) J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY,
10179, Attention: Investment Grade Syndicate Desk, 3rd Floor or by
calling collect 1-212-834-4533; or (ii) Merrill Lynch, Pierce,
Fenner & Smith Incorporated, 200 North College
Street NC1-004-03-43, Charlotte, NC 28255-0001, Attn:
Prospectus Department, by calling 1-800-294-1322 or by emailing
dg.prospectus_requests@baml.com. The prospectus and the preliminary
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 global diversified metals
manufacturing company with 2017 fiscal year sales of $3.0
billion. Headquartered in Columbus, Ohio, Worthington is
North America's premier value-added steel processor providing
customers with wide ranging capabilities, products and services for
a variety of markets including automotive, construction and
agriculture; a global leader in manufacturing pressure cylinders
for propane, refrigerant, and industrial gases and for cryogenic
applications, water well tanks for commercial and residential uses,
CNG and LNG storage, transportation and alternative fuel tanks, oil
& gas equipment, and consumer products for camping, grilling,
hand torch solutions and helium balloon kits; and a manufacturer of
operator cabs for heavy mobile industrial equipment; laser welded
blanks for light weighting applications; automotive racking
solutions; and through joint ventures, complete ceiling grid
solutions; automotive tooling and stampings; and steel framing for
commercial construction. Worthington employs approximately
11,000 people and operates 84 facilities in 11 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 the basis for an unwavering commitment to the customer,
supplier, and shareholder, and 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 $200 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
614.438.3077 | cathy.lyttle@WorthingtonIndustries.com
SONYA L. HIGGINBOTHAM
DIRECTOR, CORPORATE COMMUNICATIONS
614.438.7391 | sonya.higginbotham@worthingtonindustries.com
200 Old Wilson Bridge Rd. | Columbus, Ohio 43085
WorthingtonIndustries.com
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