Wabtec Announces Pricing of Senior Notes Offering
June 17 2020 - 6:30AM
Business Wire
Wabtec Corporation (NYSE:WAB) (“Wabtec”) announced that it has
priced a public offering of $500 million aggregate principal amount
of 3.200% Senior Notes due 2025 (the “Notes”). The Notes will be
guaranteed by each of Wabtec’s current and future subsidiaries that
guarantee its indebtedness under its credit agreement or any other
debt of Wabtec or any other guarantor.
The Notes will pay interest semi-annually in arrears. The Notes
will mature on June 15, 2025, unless earlier redeemed or
repurchased. Wabtec intends to use the net proceeds from the
offering, together with cash on hand, to fund a redemption of its
outstanding Floating Rate Senior Notes due 2021 (the “2021
Notes”).
The sale of the Notes is expected, subject to customary closing
conditions, to close on June 29, 2020.
BofA Securities, Inc., J.P. Morgan Securities LLC and PNC
Capital Markets LLC are acting as joint book-running managers for
the offering.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any of the Notes, nor shall there
be any sale of the Notes in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
This press release is not a notice of redemption with respect to
the 2021 Notes.
The offering is being made under an automatic shelf registration
statement on Form S-3 filed with the Securities and Exchange
Commission (“SEC”) on August 3, 2017. The offering may be made only
by means of a prospectus and related prospectus supplement. Before
you invest, you should read the registration statement, including
the prospectus, and prospectus supplement, and other documents
Wabtec has filed with the SEC for more complete information about
Wabtec and this offering. You may get these documents for free by
visiting EDGAR on the SEC's website at http://www.sec.gov.
Alternatively, to obtain a copy of the prospectus and the
prospectus supplement for this offering, please contact BofA
Securities, Inc. toll-free at 800-294-1322, J.P. Morgan Securities
LLC collect at 212-834-4533 or PNC Capital Markets LLC toll-free at
855-881-0697.
About Wabtec Corporation Wabtec Corporation is a leading
global provider of equipment, systems, digital solutions and
value-added services for freight and transit rail. Drawing on
nearly four centuries of collective experience across Wabtec, GE
Transportation and Faiveley Transport, the company has unmatched
digital expertise, technological innovation, and world-class
manufacturing and services, enabling the digital-rail-and-transit
ecosystems. Wabtec is focused on performance that drives progress,
creating transportation solutions that move and improve the world.
The freight portfolio features a comprehensive line of locomotives,
software applications and a broad selection of mission-critical
controls systems, including Positive Train Control (PTC). The
transit portfolio provides highly engineered systems and services
to virtually every major rail transit system around the world,
supplying an integrated series of components for buses and all
train-related market segments that deliver safety, efficiency and
passenger comfort. Along with its industry-leading portfolio of
products and solutions for the rail and transit industries, Wabtec
is a leader in mining, marine and industrial solutions. Wabtec has
approximately 27,000 employees in facilities throughout the world.
Visit: www.WabtecCorp.com
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS This
communication contains “forward-looking” statements as that term is
defined in Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended
by the Private Securities Litigation Reform Act of 1995. All
statements, other than historical facts are forward-looking
statements. Forward-looking statements concern future circumstances
and results and other statements that are not historical facts and
are sometimes identified by the words “may,” “will,” “should,”
“potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,”
“estimate,” “overestimate,” “underestimate,” “believe,” “could,”
“project,” “predict,” “continue,” “target” or other similar words
or expressions. Forward-looking statements are based upon current
plans, estimates and expectations that are subject to risks,
uncertainties and assumptions. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those indicated
or anticipated by such forward-looking statements. The inclusion of
such statements should not be regarded as a representation that
such plans, estimates or expectations will be achieved. Any
forward-looking statements speak only as of the date of this
communication. Wabtec undertakes no obligation to update any
forward-looking statements, whether as a result of new information
or development, future events or otherwise, except as required by
law. Readers are cautioned not to place undue reliance on any of
these forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20200617005143/en/
Wabtec Investors Kristine Kubacki, CFA /
Kristine.Kubacki@wabtec.com / 412-450-2033
Wabtec Media Deia Campanelli / Deia.Campanelli@wabtec.com
/ 773-297-0482
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