Mattr Announces Expiration of HSR Act Waiting Period for AmerCable Acquisition and Conversion of Debt Subscription Receipts
Mattr Corp. (TSX: MATR) has announced two significant developments: First, the expiration of the HSR Act waiting period for its planned US$280 million acquisition of AmerCable from Nexans USA Inc., with the transaction expected to close around January 2, 2025. Second, following this regulatory approval, the company confirmed the conversion of its previously announced 125,000,000 debt subscription receipts into 7.25% senior unsecured notes due April 2, 2031.
AmerCable specializes in manufacturing engineered electrical power, control, and instrumentation cables for harsh environments, serving critical infrastructure sectors including mineral extraction, renewable power generation, and energy markets. The net proceeds from the debt offering will partially fund the AmerCable acquisition.
Mattr Corp. (TSX: MATR) ha annunciato due sviluppi significativi: In primo luogo, la scadenza del periodo di attesa previsto dalla HSR Act per la pianificata acquisizione di AmerCable per 280 milioni di dollari USA da Nexans USA Inc., con la transazione prevista per chiudere intorno al 2 gennaio 2025. In secondo luogo, a seguito di questa approvazione normativa, la società ha confermato la conversione dei 125.000.000 di ricevute di sottoscrizione del debito in note senior non garantite al 7,25% in scadenza il 2 aprile 2031.
AmerCable è specializzata nella produzione di cavi elettrici, di controllo e di strumentazione progettati per ambienti difficili, servendo settori di infrastruttura critica tra cui estrazione mineraria, produzione di energia rinnovabile e mercati energetici. I proventi netti dell'emissione di debito finanzieranno parzialmente l'acquisizione di AmerCable.
Mattr Corp. (TSX: MATR) ha anunciado dos desarrollos significativos: En primer lugar, la expiración del período de espera de la Ley HSR para su planificada adquisición de AmerCable por 280 millones de dólares estadounidenses de Nexans USA Inc., con la transacción prevista para cerrarse alrededor del 2 de enero de 2025. En segundo lugar, tras esta aprobación regulatoria, la empresa confirmó la conversión de sus 125.000.000 de recibos de suscripción de deuda en notas senior no garantizadas al 7,25% que vencen el 2 de abril de 2031.
AmerCable se especializa en la fabricación de cables eléctricos, de control y de instrumentación diseñados para entornos difíciles, atendiendo sectores de infraestructura crítica, incluyendo la extracción de minerales, la generación de energía renovable y los mercados energéticos. Los ingresos netos de la oferta de deuda financiarán parcialmente la adquisición de AmerCable.
매트 코퍼레이션 (TSX: MATR)는 두 가지 중요한 발전을 발표했습니다: 첫째, 네크상스 USA Inc.로부터의 2억 8천만 달러 규모의 AmerCable 인수에 대한 HSR 법의 대기 기간이 만료되었으며, 이 거래는 2025년 1월 2일경에 마무리될 것으로 예상됩니다. 둘째, 이 규제 승인을 바탕으로 회사는 ранее 발표한 1억 2500만 달러의 부채 구독 영수증이 7.25% 만기 보통 무담보 채권으로 전환되었음을 확인했습니다. 만기는 2031년 4월 2일입니다.
AmerCable은 가혹한 환경에서 사용할 수 있도록 설계된 전기 파워, 제어 및 계측 케이블을 제조하는 전문 기업으로, 광물 추출, 재생 가능 에너지 발전 및 에너지 시장을 포함한 중요한 인프라 분야에 서비스를 제공합니다. 부채 발행에서 발생한 순수익은 AmerCable 인수의 일부 자금을 조달하는 데 사용될 것입니다.
Mattr Corp. (TSX: MATR) a annoncé deux développements significatifs : Tout d'abord, l'expiration de la période d'attente de la Loi HSR pour son projet d'acquisition d'AmerCable pour 280 millions de dollars US auprès de Nexans USA Inc., la transaction devant être conclue aux alentours du 2 janvier 2025. Ensuite, à la suite de cette approbation réglementaire, la société a confirmé la conversion de ses 125.000.000 de reçus de souscription de dette en obligations senior non garanties à 7,25 %, échues le 2 avril 2031.
AmerCable est spécialisée dans la fabrication de câbles électriques, de contrôle et d'instrumentation destinés à des environnements difficiles, desservant des secteurs d'infrastructure critiques, y compris l'extraction minière, la production d'énergie renouvelable et les marchés de l'énergie. Le produit net de l'émission de dette servira en partie à financer l'acquisition d'AmerCable.
Mattr Corp. (TSX: MATR) hat zwei bedeutende Entwicklungen bekannt gegeben: Erstens das Auslaufen der Wartezeit gemäß dem HSR-Gesetz für die geplante 280-Millionen-Dollar-US-Übernahme von AmerCable von Nexans USA Inc., wobei mit einem Abschluss der Transaktion um den 2. Januar 2025 gerechnet wird. Zweitens, nach dieser regulatorischen Genehmigung, bestätigte das Unternehmen die Umwandlung seiner zuvor angekündigten 125.000.000 Schuldscheine in unbesicherte vorrangige Anleihen zu 7,25%, die am 2. April 2031 fällig sind.
AmerCable ist auf die Herstellung von konstruierten elektrischen Energie-, Steuer- und Instrumentierungskabeln für raue Umgebungen spezialisiert und bedient kritische Infrastruktursektoren, einschließlich der Mineralgewinnung, erneuerbarer Energieerzeugung und Energie Märkte. Der Nettoerlös aus dem Schuldenangebot wird teilweise die Übernahme von AmerCable finanzieren.
- Secured regulatory approval for US$280M AmerCable acquisition
- Strategic expansion into critical infrastructure markets
- Successfully raised funding through 125M debt subscription receipts
- Acquisition expected to close within planned timeline (Jan 2, 2025)
- Taking on significant debt with 7.25% interest rate until 2031
- Large acquisition cost of US$280M may impact financial flexibility
TORONTO, Dec. 24, 2024 (GLOBE NEWSWIRE) -- Mattr Corp. (“Mattr” or the “Company”) (TSX: MATR) announced today that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (“HSR Act”), applicable to Mattr’s previously announced agreement to acquire AmerCable Incorporated (“AmerCable”), has expired. With the regulatory approval under the HSR Act secured (“HSR Approval”), Mattr expects the balance of the conditions to closing of this transaction to be achievable within a timeline which will permit completion of the transaction on or about January 2, 2025. Under the terms of the contemplated transaction, upon closing, Mattr will acquire all of the outstanding shares of AmerCable from Nexans USA Inc. (EPA:NEX) for a purchase price of US
Following receipt of HSR Approval, the Company delivered notice to TSX Trust that the escrow release conditions under the subscription receipt indenture entered into on December 19, 2024 in connection of its previously announced private placement offering (the “Offering”) [see press release] of 125,000,000 debt subscription receipts (the “Subscription Receipts”) have been satisfied. As a result, the net proceeds of the Offering will be released from escrow to the Company and holders of the Subscription Receipts will receive, without payment of additional consideration or further action, a newly authenticated
The Company intends to utilize the net proceeds of the Offering to fund a portion of the AmerCable acquisition.
About AmerCable
AmerCable is a manufacturer of highly engineered, low and medium voltage electrical power, control and instrumentation cables designed to reliably enable electrification in harsh environments. AmerCable serves a broad customer base within the critical infrastructure sector, including the mineral extraction, renewable power generation, general industrial and energy end markets.
About Mattr
Mattr is a growth-oriented, global materials technology company broadly serving critical infrastructure markets, including transportation, communication, water management, energy and electrification. Its two business segments, Composite Technologies and Connection Technologies, enable responsible renewal and enhancement of critical infrastructure while lowering risk.
For further information, please contact
Meghan MacEachern
VP, External Communications & ESG
Telephone: 437.341.1848
Email: meghan.maceachern@mattr.com
Website: www.mattr.com
Source: Mattr Corp.
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