EDEN PRAIRIE,
Minn., July 11, 2019
/PRNewswire/ -- MTS Systems Corporation (NASDAQ: MTSC)
(the "Company"), a leading global supplier of high-performance test
systems, motion simulators and sensors, today announced that it has
upsized and priced its offering of $350
million aggregate principal amount of new 5.750% Senior
Unsecured Notes Due 2027 (the "Notes"). The offering was upsized
from the previously announced $300
million aggregate principal amount. The settlement of the
Notes is expected to occur on or about July
16, 2019, subject to customary closing
conditions.
The Company intends to use the net proceeds from the
offering to repay the outstanding balance of the senior secured
revolving credit facility, to repay a portion of the term loan B
facility due in 2023, to pay related transaction fees and expenses,
and for general corporate purposes.
The Notes will not be registered under the Securities Act
of 1933, as amended (the "Securities Act"), or any state securities
law and may not be offered or sold within the United States or to or for the account of
any U.S. person, except pursuant to an exemption from the
registration requirements thereof. Accordingly, the Notes
will be offered and sold only to (i) persons reasonably believed to
be "qualified institutional buyers" (as defined in Rule 144A under
the Securities Act) and (ii) non-"U.S. persons" who are outside
the United States (as defined in
Regulation S under the Securities Act).
This news release shall not constitute an offer to sell or
the solicitation of an offer to buy the Notes.
FORWARD-LOOKING STATEMENTS
This
release contains "forward-looking statements" made pursuant to the
safe harbor provision of the Private Securities Litigation Reform
Act of 1995 that are subject to certain risks and uncertainties, as
well as assumptions, that could cause actual results to differ
materially from historical results and those presently anticipated
or projected. Words such as "may," "will," "should," "expects,"
"intends," "projects," "plans," "believes," "estimates," "targets,"
"anticipates," and similar expressions identify forward-looking
statements in other parts of this release. Such statements include,
but are not limited to, statements about the timing and impact of
the proposed offering, the expected use of proceeds from the
offering, and other statements that are not historical facts. These
statements are based on the Company's current expectations and
beliefs and are subject to a number of risks, uncertainties and
assumptions that could cause actual results to differ materially
from those described in the forward-looking statements. Risks,
uncertainties and assumptions that could cause the Company's actual
results to differ materially from those discussed in the
forward-looking statements include, but are not limited to, those
described in the "Risk Factors" section of the Company's most
recent Annual Report on Form 10-K filed with the Securities and
Exchange Commission ("SEC") and updated in any subsequent Quarterly
Reports on Form 10-Q and other filings with the SEC. The reports
referenced above are available on the Company's website at
www.mts.com or on the SEC's website at
www.sec.gov. Forward-looking statements speak only as of
the date on which such statements are made, and the Company
undertake no obligation to update any forward-looking statement to
reflect events or circumstances after the date on which such
statement is made to reflect the occurrence of unanticipated events
or circumstances.
About MTS Systems Corporation
MTS Systems
Corporation's testing and simulation hardware, software and
service solutions help customers accelerate and improve their
design, development and manufacturing processes and are used for
determining the mechanical behavior of materials, products and
structures. MTS' high-performance sensors provide measurements of
vibration, pressure, position, force and sound in a variety of
applications. MTS had 3,400 employees as of September 29, 2018 and revenue of $778 million for the fiscal year ended
September 29, 2018. Additional
information on MTS can be found at:
http://www.mts.com
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SOURCE MTS Systems Corporation