Matthews International Announces Proposed Private Offering of Senior Notes
Matthews International (NASDAQ GSM: MATW) has announced a proposed private offering of senior secured second lien notes due 2027. The company plans to amend its senior credit facility to allow these notes to be secured by a second priority lien on substantially all assets of the company and certain domestic subsidiaries. MATW intends to use the net proceeds, along with borrowings under its senior credit facility, to redeem all outstanding 5.25% senior notes due December 1, 2025, pay accrued and unpaid interest, and satisfy the indenture governing these existing notes.
The new notes will be offered and sold only to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S of the Securities Act. This announcement does not constitute an offer to sell or a solicitation of an offer to buy the notes, nor does it serve as a redemption notice for the existing 2025 notes.
Matthews International (NASDAQ GSM: MATW) ha annunciato un'offerta privata proposta di note garantite senior di secondo grado in scadenza nel 2027. L'azienda prevede di modificare la propria linea di credito senior per consentire che queste note siano garantite da un secondo privilegio su sostanzialmente tutti gli attivi della società e su alcune sussidiarie domestiche. MATW intende utilizzare i proventi netti, insieme ai prestiti effettuati tramite la propria linea di credito senior, per riscattare tutte le note senior attuali con un tasso del 5,25%, in scadenza il 1 dicembre 2025, pagare gli interessi maturati e non pagati e soddisfare il contratto che regola queste note esistenti.
Le nuove note saranno offerte e vendute solo a acquirenti istituzionali qualificati ai sensi della Regola 144A e a persone non statunitensi ai sensi del Regolamento S della Legge sui Titoli. Questo annuncio non costituisce un'offerta di vendita né una sollecitazione di un'offerta di acquisto delle note, né funge da avviso di riscatto per le note esistenti del 2025.
Matthews International (NASDAQ GSM: MATW) ha anunciado una oferta privada propuesta de notas garantizadas senior de segundo gravamen que vencen en 2027. La empresa planea modificar su línea de crédito senior para permitir que estas notas estén garantizadas por un segundo gravamen sobre prácticamente todos los activos de la compañía y algunas subsidiarias nacionales. MATW tiene la intención de utilizar los ingresos netos, junto con los préstamos de su línea de crédito senior, para redimir todas las notas senior pendientes con un interés del 5,25% que vencen el 1 de diciembre de 2025, pagar los intereses devengados y no pagados, y satisfacer el contrato que rige estas notas existentes.
Las nuevas notas se ofrecerán y venderán solo a compradores institucionales calificados bajo la Regla 144A y a personas no estadounidenses bajo la Regulación S de la Ley de Valores. Este anuncio no constituye una oferta de venta ni una solicitud de oferta para comprar las notas, ni sirve como un aviso de redención para las notas existentes de 2025.
매튜스 인터내셔널 (NASDAQ GSM: MATW)은 2027년에 만료되는 2순위 담보된 선급 노트의 제안된 비공식 공개를 발표했습니다. 회사는 이러한 노트가 회사 및 특정 국내 자회사의 거의 모든 자산에 대해 2순위 담보로 설정될 수 있도록 선급 신용 시설을 수정할 계획입니다. MATW는 순수익을 사용할 계획입니다, 그와 함께 선급 신용 시설 아래에서의 차입을 통해 2025년 12월 1일 만료되는 5.25% 선급 노트를 모두 상환하기 위해, 미지급된 이자를 지급하고, 기존 노트를 규율하는 계약을 충족하기 위해 사용할 것입니다.
새로운 노트는 규칙 144A에 따라 자격을 갖춘 기관 구매자에게만 제공되며, 증권법의 규정 S에 따라 비미국인에게 판매됩니다. 이 발표는 노트를 판매하기 위한 제안이나 구매 제안 요청을 구성하지 않으며, 기존 2025 노트에 대한 상환 통지로 작용하지 않습니다.
Matthews International (NASDAQ GSM: MATW) a annoncé une offre privée proposée de titres senior garantis de deuxième rang arrivant à échéance en 2027. L'entreprise prévoit de modifier sa ligne de crédit senior pour permettre à ces titres d'être garantis par un droit de gage de deuxième priorité sur pratiquement tous les actifs de la société et certaines filiales domestiques. MATW a l'intention d'utiliser les produits nets, ainsi que les emprunts effectués dans le cadre de sa ligne de crédit senior, pour racheter toutes les notes seniors en circulation à 5,25% avec échéance au 1er décembre 2025, payer les intérêts accumulés et non réglés, et satisfaire le contrat régissant ces titres existants.
Les nouveaux titres seront offerts et vendus uniquement à des acheteurs institutionnels qualifiés en vertu de la règle 144A et à des personnes non américaines en vertu du règlement S de la loi sur les valeurs mobilières. Cet avis ne constitue pas une offre de vente ni une sollicitation d'une offre d'achat des titres, ni ne sert d'avis de rachat pour les titres existants de 2025.
Matthews International (NASDAQ GSM: MATW) hat ein vorgeschlagenes privates Angebot von senior gesicherten Second-Lien-Notes mit Fälligkeit im Jahr 2027 angekündigt. Das Unternehmen plant, seine senior Kreditfazilität zu ändern, um diese Notes durch ein zweites Pfandrecht auf nahezu alle Vermögenswerte des Unternehmens und bestimmter inländischer Tochtergesellschaften abzusichern. MATW beabsichtigt, die Nettoerlöse zu verwenden, zusammen mit Darlehen aus seiner senior Kreditfazilität, um alle ausstehenden 5,25% senior notes, die am 1. Dezember 2025 fällig werden, einzulösen, aufgelaufene und nicht gezahlte Zinsen zu zahlen und den Vertrag zu erfüllen, der diese bestehenden Notes regelt.
Die neuen Notes werden nur an qualifizierte institutionelle Käufer gemäß Regel 144A und an nicht-US-Personen gemäß Regulation S des Wertpapiergesetzes angeboten und verkauft. Diese Ankündigung stellt kein Verkaufsangebot oder eine Aufforderung zum Kauf der Notes dar, noch dient sie als Rücknahmeanzeige für die bestehenden 2025 Notes.
- Refinancing of existing debt with new senior secured second lien notes
- Potential for improved debt structure and terms
- Increased secured debt could limit financial flexibility
- Potential for higher interest expenses depending on new notes' terms
PITTSBURGH, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Matthews International Corporation (NASDAQ GSM: MATW) (the “Company”) today announced a proposed private offering of senior secured second lien notes due 2027 (the “Notes”). At or prior to the closing of the offering of the Notes, the Company intends to amend its senior credit facility to, among other things, permit the Notes to be secured by a second priority lien on substantially all of our and certain of our domestic subsidiaries’ assets, and the Company and certain of its domestic subsidiaries intend to enter into a second amended and restated pledge and security agreement pursuant to which the Company and such subsidiaries will grant to the secured parties under the senior credit facility a first priority lien on substantially all of the Company’s and such subsidiaries’ assets.
The Company intends to use the net proceeds of the offering, together with borrowings under the Company’s senior credit facility, to redeem all of its outstanding
The Notes have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”) or the securities laws of any other jurisdiction and, unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable state securities laws. The Notes will be offered and sold only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A of the Securities Act and outside the United States in reliance on Regulation S of the Securities Act.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offers of the Notes will be made only by means of a confidential offering memorandum. This notice is being issued pursuant to and in accordance with Rule 135c under the Securities Act.
This press release does not constitute a notice of redemption with respect to, or an offer or solicitation to purchase, the Existing 2025 Notes or any other securities.
Certain statements in this release may constitute forward-looking statements and are subject to various risks and uncertainties as discussed in the Company’s filings with the Securities and Exchange Commission. The Company is not obligated to update these forward-looking statements even if the Company’s assessment of these risks and uncertainties changes.
About Matthews International Corporation
Matthews International Corporation is a global provider of memorialization products, industrial technologies, and brand solutions. The Memorialization segment is a leading provider of memorialization products, including memorials, caskets, cremation-related products, and cremation and incineration equipment, primarily to cemetery and funeral home customers that help families move from grief to remembrance. The Industrial Technologies segment includes the design, manufacturing, service and distribution of high-tech custom energy storage solutions; product identification and warehouse automation technologies and solutions, including order fulfillment systems for identifying, tracking, picking and conveying consumer and industrial products; and coating and converting lines for the packaging, pharma, foil, décor and tissue industries. The SGK Brand Solutions segment is a leading provider of packaging solutions and brand experiences, helping companies simplify their marketing, amplify their brands and provide value. The Company has approximately 12,000 employees in more than 30 countries on six continents that are committed to delivering the highest quality products and services.
Forward-looking Information
Any forward-looking statements contained in this release are included pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the expectations, hopes, beliefs, intentions or strategies of the Company regarding the future, and may be identified by the use of words such as “expects,” “believes,” “intends,” “projects,” “anticipates,” “estimates,” “plans,” “seeks,” “forecasts,” “predicts,” “objective,” “targets,” “potential,” “outlook,” “may,” “will,” “could” or the negative of these terms, other comparable terminology and variations thereof. Such forward-looking statements involve known and unknown risks and uncertainties that may cause the Company’s actual results in future periods to be materially different from management’s expectations, and no assurance can be given that such expectations will prove correct. Factors that could cause the Company’s results to differ materially from the results discussed in such forward-looking statements principally include changes in domestic or international economic conditions, changes in foreign currency exchange rates, changes in interest rates, changes in the cost of materials used in the manufacture of the Company’s products, any impairment of goodwill or intangible assets, environmental liability and limitations on the Company’s operations due to environmental laws and regulations, disruptions to certain services, such as telecommunications, network server maintenance, cloud computing or transaction processing services, provided to the Company by third-parties, changes in mortality and cremation rates, changes in product demand or pricing as a result of consolidation in the industries in which the Company operates, or other factors such as supply chain disruptions, labor shortages or labor cost increases, changes in product demand or pricing as a result of domestic or international competitive pressures, ability to achieve cost-reduction objectives, unknown risks in connection with the Company’s acquisitions and divestitures, cybersecurity concerns and costs arising with management of cybersecurity threats, effectiveness of the Company’s internal controls, compliance with domestic and foreign laws and regulations, technological factors beyond the Company’s control, impact of pandemics or similar outbreaks, or other disruptions to our industries, customers, or supply chains, the impact of global conflicts, such as the current war between Russia and Ukraine, the outcome of the Company’s dispute with Tesla, Inc. (“Tesla”), and other factors described in the Company’s Annual Report on Form 10-K and other periodic filings with the U.S. Securities and Exchange Commission.
Matthews International Corporation
Corporate Office
Two NorthShore Center
Pittsburgh, PA 15212-5851
Phone: (412) 442-8200
| Contact: | Steven F. Nicola | William D. Wilson | |
| Chief Financial Officer | Senior Director | ||
| and Secretary | Corporate Development |
FAQ
What is the purpose of Matthews International's (MATW) proposed private offering of senior notes?
When does Matthews International (MATW) plan to redeem its existing 5.25% senior notes?
Who are the intended buyers for Matthews International's (MATW) new senior notes?
What security will be provided for Matthews International's (MATW) new senior notes?
