Curtiss-Wright Prices $300 Million Debt Offering

Rhea-AI Summary

Curtiss-Wright Corporation (NYSE: CW) has priced a private placement debt offering of $300 million, consisting of $200 million in 4.49% notes due 2032 and $100 million in 4.64% notes due 2034. This move aims to strengthen its balance sheet and enhance flexibility for its capital allocation strategy, which includes reinvestment, strategic acquisitions, and shareholder returns. The offering is expected to close in Q4 2023, pending customary conditions.

Positive

• Successful pricing of a $300 million debt offering.
• Strengthening of the company's balance sheet.
• Financing will support efficient capital allocation strategy.

Negative

• None.

DAVIDSON, N.C.--(BUSINESS WIRE)-- Curtiss-Wright Corporation (NYSE: CW) today announced that it has priced a private placement debt offering of $300 million for senior notes (the "Notes"), consisting of $200 million 4.49% notes due 2032 and $100 million 4.64% notes due 2034.

"We are very pleased with the strong response that we received for this debt offering, which will reinforce our already strong and healthy balance sheet,” said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation. “This financing will provide Curtiss-Wright greater efficiency and flexibility to execute on our balanced capital allocation strategy that consists of reinvesting in our business, supplementing our organic growth with strategic acquisitions, and returning capital to shareholders. Together with our strong free cash flow generation and recently upsized revolving credit facility, this financing action provides further confidence in our ability to drive strong financial performance and long-term value for our shareholders.”

Curtiss-Wright expects to use the net proceeds from the offering for general corporate purposes, which may include reducing outstanding indebtedness under the Company's revolving credit facilities, possible future acquisitions or funding internal growth initiatives. The offering is expected to close in the fourth quarter, subject to customary closing conditions.

The Notes are being offered to institutional accredited investors in a private placement that qualifies for exemption from registration under the Securities Act of 1933, as amended (the "Securities Act"). The Notes will not be registered for resale under the Securities Act and may not be offered or sold absent such registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there be any sale of the Notes in any state in which any such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state, and is issued pursuant to Rule 135c under the Securities Act.

About Curtiss-Wright Corporation

Curtiss-Wright Corporation (NYSE:CW) is a global integrated business that provides highly engineered products, solutions and services mainly to Aerospace & Defense markets, as well as critical technologies in demanding Commercial Power, Process and Industrial markets. We leverage a workforce of 8,000 highly skilled employees who develop, design and build what we believe are the best engineered solutions to the markets we serve. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing innovative solutions through trusted customer relationships. For more information, visit www.curtisswright.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220801005392/en/

Jim Ryan

(704) 869-4621

jim.ryan@curtisswright.com

Source: Curtiss-Wright Corporation

FAQ

What is the amount of the debt offering by Curtiss-Wright Corporation?

Curtiss-Wright Corporation announced a private placement debt offering of $300 million.

What are the terms of the senior notes offered by Curtiss-Wright Corporation?

The offering includes $200 million in 4.49% notes due 2032 and $100 million in 4.64% notes due 2034.

When is the expected closing date for the debt offering?

The offering is expected to close in the fourth quarter of 2023, subject to customary closing conditions.

How will Curtiss-Wright use the proceeds from the debt offering?

The proceeds will be used for general corporate purposes, including reducing outstanding debt and funding growth initiatives.

Who can invest in the Curtiss-Wright debt offering?

The notes are offered to institutional accredited investors in a private placement.