Westinghouse Air Brake Technologies Corporation (Wabtec) has completed a public offering of $500 million in senior notes. The company intends to use the net proceeds, along with other available funds, to refinance its existing 3.45% Senior Notes which are due to mature on November 15, 2026.
Key Details
- Offering: $500 million aggregate principal amount of 5.900% Senior Notes.
- Maturity & Interest: The notes mature on February 25, 2037, and bear interest at an annual rate of 5.900%, payable semi-annually starting February 25, 2027.
- Use of Proceeds: The company will use the net proceeds to repay its outstanding 3.45% Senior Notes due November 15, 2026.
- Ranking: The notes are senior unsecured obligations and rank equally with Wabtec's other senior unsecured indebtedness.
- Change of Control: If a change of control triggering event occurs, the company is required to make an offer to repurchase the notes at a price equal to 101% of their principal amount, plus accrued interest.