PITTSBURGH, Sept. 30, 2024 (GLOBE NEWSWIRE) -- Matthews International Corporation (NASDAQ GSM: MATW) ("Matthews" or the "Company") closed on September 27, 2024 on its previously announced private offering of $300 million aggregate principal amount of its 8.625% senior secured second lien notes due 2027 (the "Notes"). The Notes will pay interest semi-annually in arrears, on April 1 and October 1 of each year, beginning on April 1, 2025. The Notes will mature on October 1, 2027, unless earlier redeemed or repurchased, and are callable in one year.
Mr. Bartolacci, President and Chief Executive Officer, stated: "We are pleased to complete the offering of our new notes, which will facilitate the repayment of our existing notes well in advance of their December 1, 2025 maturity and maintain the Company's longstanding financial stability. The new offering was well oversubscribed which resulted in an effective and efficient offering process. The Notes, which mature October 1, 2027, are callable in one year, providing flexibility well ahead of their three-year maturity considering the current higher interest rate environment and the Company's strong cash flow projections for fiscal 2025. Additionally, the new bonds also provide sufficient flexibility for the strategic plans of the Company's businesses."
The Company intends to use the net proceeds of the offering, together with borrowings under the senior credit facility under the Credit Agreement, to redeem all of its outstanding senior notes due December 1, 2025 (the "Existing 2025 Notes") on or about October 24, 2024, and to pay accrued and unpaid interest on the Existing 2025 Notes to, but not including, the date of redemption, and to satisfy and discharge the indenture governing the Existing 2025 Notes.
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