PITTSBURGH - Wabtec Corporation (NYSE:WAB), a global provider of equipment and services for the rail industry, has announced the pricing of a public offering of senior notes valued at $500 million with a 5.611% interest rate, maturing on March 11, 2034. These notes will be backed by the company's current and future subsidiaries that also guarantee its other debts.
The company disclosed that the proceeds from the senior notes, which are due to close on March 11, 2024, subject to standard closing conditions, will be utilized along with existing cash and potential borrowings under a new credit agreement to repay its outstanding 4.15% senior notes due on March 15, 2024.
The offering is part of an automatic shelf registration statement filed with the Securities and Exchange Commission (SEC) on November 8, 2023, and is available through a prospectus and related supplement. Citigroup Global Markets Inc., J.P. Morgan Securities LLC, PNC Capital Markets LLC, and TD (TSX:TD) Securities (USA) LLC are acting as joint book-running managers for the offering.
The press release from Wabtec emphasizes that this announcement does not constitute an offer to sell the notes nor a solicitation of an offer to buy. It also clarifies that the sale of these notes does not hinge upon the establishment or funding of the anticipated 2024 Credit Agreement.
Wabtec has a longstanding history in the rail industry, extending over 150 years, and is actively working towards a vision of achieving a zero-emission rail system in the U.S. and globally. The company's portfolio includes a range of products and services aimed at the freight and transit rail sectors, as well as mining, marine, and industrial markets.
The information for this article is based on a press release statement. It is important to note that forward-looking statements in the press release are subject to various risks, uncertainties, and assumptions, and there can be no assurance that Wabtec will complete the sale of the notes or fulfill its plans regarding the 2024 Credit Agreement and repayment of the 2024 Notes.
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