RPM Announces Offering of $300 Million of 2.950% Notes due 2032

Rhea-AI Summary

RPM International Inc. has announced the sale of $300 million in 2.950% notes maturing in 2032, set to close on January 25, 2022. The offering, underwritten by BofA Securities and Goldman Sachs, will generate approximately $296.2 million in net proceeds. These funds will primarily be used to reduce outstanding borrowings under RPM's revolving credit facility and for general corporate purposes. The issuance is registered under the Securities Act of 1933 and complies with SEC regulations.

Positive

• RPM to raise approximately $296.2 million from the sale, providing liquidity.
• Funds aimed at reducing debt, strengthening financial position.

Negative

• None.

MEDINA, Ohio--(BUSINESS WIRE)-- RPM International Inc. (NYSE: RPM) today announced that it agreed to sell $300 million aggregate principal amount of 2.950% notes due 2032 (the “Notes”).

The sale of the Notes is expected to close January 25, 2022, and is pursuant to the provisions of an underwriting agreement dated January 10, 2022, among RPM and BofA Securities, Inc. and Goldman Sachs & Co. LLC, as representatives of the underwriters.

RPM will pay interest on the Notes semiannually on January 15 and July 15 of each year, beginning on July 15, 2022.

The expected net proceeds from the offering of the Notes will be approximately $296.2 million, after deducting the underwriting discount and RPM’s estimated expenses related to the offering. RPM intends to use the net proceeds to repay a portion of the outstanding borrowings under its revolving credit facility and for general corporate purposes.

This press release shall not constitute an offer to sell, nor the solicitation of an offer to buy, any of the securities, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale is not permitted. The offering of the Notes was registered under the Securities Act of 1933, as amended, and is being made pursuant to RPM’s Registration Statement on Form S-3 filed by RPM with the Securities and Exchange Commission.

The Notes will be offered pursuant to an effective registration statement previously filed with the SEC. Before investing, investors should read the prospectus in the registration statement and applicable prospectus supplement and other documents the company has filed or will file with the SEC for more complete information about the company and the offering. These documents may be obtained for free by visiting EDGAR on the SEC website. Alternatively, RPM, or any underwriter or any dealer participating in the offering, will arrange to send interested parties copies of the prospectus supplement and accompanying prospectus if requested by calling or emailing BofA Securities, Inc. toll-free at (800) 294-1322 or dg.prospectus_requests@bofa.com or by contacting Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, by facsimile at (212) 902-9316 or by emailing Prospectus-ny@ny.email.gs.com.

About RPM

RPM International Inc. owns subsidiaries that are world leaders in specialty coatings, sealants, building materials and related services. The company operates across four reportable segments: consumer, construction products, performance coatings and specialty products. RPM has a diverse portfolio with hundreds of market-leading brands, including Rust-Oleum, DAP, Zinsser, Varathane, Day-Glo, Legend Brands, Stonhard, Carboline, Tremco and Dryvit. From homes and workplaces, to infrastructure and precious landmarks, RPM’s brands are trusted by consumers and professionals alike to help build a better world. The company employs approximately 15,500 individuals worldwide.

For more information, contact Russell L. Gordon, vice president and chief financial officer, at 330-273-5090 or rgordon@rpminc.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220110006027/en/

Russell L. Gordon

Vice President and Chief Financial Officer

330-273-5090

rgordon@rpminc.com

Source: RPM International Inc.

FAQ

What is RPM's recent financial announcement?

RPM International Inc. announced the sale of $300 million in notes due 2032.

When will RPM's notes sale close?

The sale is expected to close on January 25, 2022.

How much will RPM raise from the notes offering?

RPM expects to net approximately $296.2 million from the offering.

What will RPM do with the proceeds from the notes sale?

The proceeds will be used to repay part of the outstanding borrowings under its revolving credit facility.

Who underwrote RPM's notes offering?

The offering was underwritten by BofA Securities and Goldman Sachs.