Matthews International Corporation announced a proposed private offering of senior secured second lien notes due 2027 on September 23, 2024. The company intends to amend its senior credit facility to permit these notes to be secured by a second priority lien on substantially all of its and certain domestic subsidiaries' assets.
The net proceeds from this offering, combined with borrowings under the company's senior credit facility, are intended to redeem all outstanding 5.25% senior notes due December 1, 2025. This move aims to satisfy and discharge the indenture governing the existing notes.
This refinancing strategy is designed to manage the company's debt obligations ahead of their maturity. It provides financial flexibility by addressing upcoming debt maturities and potentially optimizing interest costs.
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