Tennant Company Announces Pricing of Senior Notes Offering
April 13 2017 - 9:00AM
Business Wire
Tennant Company (NYSE: TNC), a world leader in designing,
manufacturing and marketing of solutions that help create a
cleaner, safer, healthier world, today announced the pricing of its
previously announced senior notes offering. Tennant priced
$300,000,000 in aggregate principal amount of 5.625% Senior Notes
due May 1, 2025 (the “Senior Notes”). The Senior Notes offering is
expected to close on April 18, 2017, subject to customary closing
conditions. The Senior Notes will be guaranteed on a senior
unsecured basis by Tennant Coatings, Inc., and Tennant Sales and
Service Company, both subsidiaries of Tennant.
Tennant intends to use the net proceeds of the offering of the
Senior Notes, together with borrowings under its senior secured
credit facilities, to refinance a term loan that was borrowed by
Tennant as part of the financing for its acquisition of IP Cleaning
S.p.A. (the “Acquisition”) and to pay related fees and expenses.
The Acquisition occurred on April 6, 2017.
The Senior Notes are being offered in a private offering that is
exempt from the registration requirements of the Securities Act of
1933, as amended (the “Securities Act”), only to qualified
institutional buyers in reliance on Rule 144A under the Securities
Act, and outside the United States only to non-U.S. investors
pursuant to Regulation S. The Senior Notes will not be registered
under the Securities Act or any state securities laws and may not
be offered or sold in the United States absent an effective
registration statement or an applicable exemption from registration
requirements or a transaction not subject to the registration
requirements of the Securities Act or any state securities
laws.
This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, the Senior Notes or any other
security and shall not constitute an offer, solicitation or sale in
any jurisdiction in which, or to any person to whom, such an offer,
solicitation or sale is unlawful.
Tennant Company
ProfileMinneapolis-based Tennant Company (TNC) is a
world leader in designing, manufacturing and marketing solutions
that empower customers to achieve quality cleaning performance,
significantly reduce their environmental impact and help create a
cleaner, safer, healthier world. Its products include equipment for
maintaining surfaces in industrial, commercial and outdoor
environments; detergent-free and other sustainable cleaning
technologies; and coatings for protecting, repairing and upgrading
surfaces. Tennant's global field service network is the most
extensive in the industry. Tennant has manufacturing operations in
Minneapolis, MN; Holland, MI; Louisville, KY; Chicago, IL; Uden,
The Netherlands; São Paulo, Brazil; and Shanghai, China; and sells
products directly in 15 countries and through distributors in more
than 80 countries. For more information, visit www.tennantco.com. The Tennant Company logo and
other trademarks designated with the symbol “®” are trademarks of
Tennant Company registered in the United States and/or other
countries.
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version on businesswire.com: http://www.businesswire.com/news/home/20170413005639/en/
Tennant CompanyInvestor Contact:Tom Paulson, 763-540-1204Senior
Vice President and Chief Financial
Officertom.paulson@tennantco.comorMedia Contact:Kathryn Lovik,
763-540-1212Global Communications
Directorkathryn.lovik@tennantco.com
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