Matthews International Announces Pricing of Senior Notes
September 24 2024 - 8:00AM
Matthews International Corporation (NASDAQ GSM: MATW) (the
“Company”) has priced its previously announced private offering of
$300 million aggregate principal amount of its 8.625% senior
secured second lien notes due 2027 (the “Notes”). The Notes will
pay interest semi-annually in arrears, on April 1 and October 1 of
each year, beginning on April 1, 2025. The Notes will mature on
October 1, 2027, unless earlier redeemed or repurchased. The Notes
offering is expected to close on September 27, 2024, subject to
customary closing conditions.
The Company intends to use the net proceeds of
the offering, together with borrowings under the Company’s senior
credit facility, to redeem all of its outstanding 5.25% senior
notes due December 1, 2025 (the “Existing 2025 Notes”) on or about
October 24, 2024, and to pay accrued and unpaid interest on the
Existing 2025 Notes to, but not including, the date of redemption,
and to satisfy and discharge the indenture governing the Existing
2025 Notes.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, 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.
Any offers of the Notes will be made only by means of a private
offering memorandum. This notice is being issued pursuant to and in
accordance with Rule 135c under the Securities Act.
This press release does not constitute a notice
of redemption with respect to, or an offer or solicitation to
purchase, the Existing 2025 Notes or any other securities.
About Matthews International
Corporation
Matthews International Corporation is a global
provider of memorialization products, industrial technologies, and
brand solutions. The Memorialization segment is a leading provider
of memorialization products, including memorials, caskets,
cremation-related products, and cremation and incineration
equipment, primarily to cemetery and funeral home customers that
help families move from grief to remembrance. The Industrial
Technologies segment includes the design, manufacturing, service
and distribution of high-tech custom energy storage solutions;
product identification and warehouse automation technologies and
solutions, including order fulfillment systems for identifying,
tracking, picking and conveying consumer and industrial products;
and coating and converting lines for the packaging, pharma, foil,
décor and tissue industries. The SGK Brand Solutions segment is a
leading provider of packaging solutions and brand experiences,
helping companies simplify their marketing, amplify their brands
and provide value. The Company has approximately 12,000 employees
in more than 30 countries on six continents that are committed to
delivering the highest quality products and services.
Forward-looking Information
Any forward-looking statements contained in this
release are included pursuant to the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, but are not limited to,
statements regarding the expectations, hopes, beliefs, intentions
or strategies of the Company regarding the future, and may be
identified by the use of words such as “expects,” “believes,”
“intends,” “projects,” “anticipates,” “estimates,” “plans,”
“seeks,” “forecasts,” “predicts,” “objective,” “targets,”
“potential,” “outlook,” “may,” “will,” “could” or the negative of
these terms, other comparable terminology and variations thereof.
Such forward-looking statements involve known and unknown risks and
uncertainties that may cause the Company’s actual results in future
periods to be materially different from management’s expectations,
and no assurance can be given that such expectations will prove
correct. Factors that could cause the Company's results to differ
materially from the results discussed in such forward-looking
statements principally include changes in domestic or international
economic conditions, changes in foreign currency exchange rates,
changes in interest rates, changes in the cost of materials used in
the manufacture of the Company's products, any impairment of
goodwill or intangible assets, environmental liability and
limitations on the Company’s operations due to environmental laws
and regulations, disruptions to certain services, such as
telecommunications, network server maintenance, cloud computing or
transaction processing services, provided to the Company by
third-parties, changes in mortality and cremation rates, changes in
product demand or pricing as a result of consolidation in the
industries in which the Company operates, or other factors such as
supply chain disruptions, labor shortages or labor cost increases,
changes in product demand or pricing as a result of domestic or
international competitive pressures, ability to achieve
cost-reduction objectives, unknown risks in connection with the
Company's acquisitions and divestitures, cybersecurity concerns and
costs arising with management of cybersecurity threats,
effectiveness of the Company's internal controls, compliance with
domestic and foreign laws and regulations, technological factors
beyond the Company's control, impact of pandemics or similar
outbreaks, or other disruptions to our industries, customers, or
supply chains, the impact of global conflicts, such as the current
war between Russia and Ukraine, the outcome of the Company's
dispute with Tesla, Inc. ("Tesla"), and other factors described in
the Company’s Annual Report on Form 10-K and other periodic filings
with the U.S. Securities and Exchange Commission.
Matthews International CorporationCorporate OfficeTwo NorthShore
CenterPittsburgh, PA 15212-5851Phone: (412) 442-8200
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Contact: |
Steven F.
Nicola |
William D.
Wilson |
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Chief
Financial Officer and Secretary |
Senior
Director, Corporate Development |
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