Matthews International Corporation announced on September 30, 2024, the successful closing of its private offering of $300 million aggregate principal amount of 8.625% senior secured second lien notes due 2027. The offering closed on September 27, 2024, with the notes maturing on October 1, 2027, and callable in one year.
The company plans to use the net proceeds from this offering, along with borrowings from its senior credit facility, to redeem all outstanding 5.25% senior notes due December 1, 2025. This redemption is scheduled for on or about October 24, 2024, and will also cover accrued and unpaid interest.
Joseph C. Bartolacci, President and CEO, stated that the offering was oversubscribed, indicating strong market confidence. This refinancing provides flexibility ahead of the three-year maturity, supporting the company's strategic plans and maintaining financial stability.
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