The Brink’s Company (NYSE:BCO) (the “Company”) today announced that
it has closed its previously announced offering of 5-year and
8-year senior unsecured notes in aggregate principal amounts of
$400 million and $400 million, respectively. The notes were priced
at par, will mature on June 15, 2029 and June 15, 2032,
respectively, and bear an annual interest rate of 6.500% and
6.750%, respectively.
Kurt McMaken, executive vice president and CFO, said: “We are
pleased with the results of our refinancing. We were able to extend
and diversify our future debt maturities, increase liquidity, and
maintain leverage within our targeted range. We do not expect this
transaction to have a meaningful impact on our 2024 interest
expense or our existing EPS guidance range. With the transaction
behind us, we remain focused on creating value for our shareholders
through operational execution and disciplined capital
management.”
The Company expects to use the net proceeds from the offering of
the notes to redeem or repurchase the $400 million aggregate
principal amount of its outstanding 5.500% Senior Notes due 2025
(the “2025 Senior Notes”) at or prior to maturity and to repay a
portion of outstanding borrowings under its $1 billion revolving
credit facility. Before applying a portion of the net proceeds to
redeem or repurchase the 2025 Senior Notes as described above, the
Company expects to use such portion of the net proceeds for general
corporate purposes and to temporarily repay additional amounts
outstanding under its revolving credit facility.
The notes have not been and will not be registered under the
Securities Act of 1933, as amended (“Securities Act”), or the
securities laws of any other jurisdiction and may not be offered or
sold in the United States absent registration or an applicable
exemption from registration requirements. The notes were offered
only to persons reasonably believed to be qualified institutional
buyers in reliance on the exception from registration set forth in
Rule 144A under the Securities Act and outside the United States to
non-U.S. persons pursuant to Regulation S under the Securities
Act.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the notes, and shall not constitute
an offer, solicitation or sale of any notes in any jurisdiction in
which such offer, solicitation or sale would be unlawful. Any
offers of the notes were made only by means of a private offering
memorandum.
About The Brink’s
Company
The Brink’s Company (NYSE:BCO) is a leading global provider of
cash and valuables management, digital retail solutions, and ATM
managed services. Our customers include financial institutions,
retailers, government agencies, mints, jewelers and other
commercial operations. Our network of operations in 52 countries
serves customers in more than 100 countries.
Forward-Looking
Statements
This release contains forward-looking information. Words such as
"anticipate," "assume," "estimate," "expect," “target,” "project,"
"predict," "intend," "plan," "believe," "potential," "may,"
"should" and similar expressions may identify forward-looking
information. Forward-looking information in this release includes,
but is not limited to, the offering of the notes and the details
thereof, including the proposed use of proceeds therefrom.
Forward-looking information in this release is subject to known
and unknown risks, uncertainties and contingencies, which are
difficult to predict or quantify, and which could cause actual
results, performance or achievements to differ materially from
those that are anticipated. These risks, uncertainties and
contingencies, many of which are beyond the Company’s control,
include, but are not limited to: the Company’s ability to improve
profitability and execute further cost and operational improvements
and efficiencies in its core businesses; the Company’s ability to
improve service levels and quality in its core businesses; market
volatility and commodity price fluctuations; general economic
issues, including supply chain disruptions, fuel price increases,
inflation, and changes in interest rates; seasonality, pricing and
other competitive industry factors; investment in information
technology (“IT”) and its impact on revenue and profit growth; the
Company’s ability to maintain an effective IT infrastructure and
safeguard confidential information, including from a cybersecurity
incident; the Company’s ability to effectively develop and
implement solutions for its customers; risks associated with
operating in foreign countries, including changing political, labor
and economic conditions (including political conflict or unrest),
regulatory issues (including the imposition of international
sanctions, including by the U.S. government), military conflicts
(including but not limited to the conflict in Israel and
surrounding areas, as well as the possible expansion of such
conflicts and potential geopolitical consequences), currency
restrictions and devaluations, restrictions on and cost of
repatriating earnings and capital, impact on the Company’s
financial results as a result of jurisdictions’ higher than
expected inflation and those determined to be highly inflationary,
and restrictive government actions, including nationalization;
labor issues, including labor shortages negotiations with organized
labor and work stoppages; pandemics, acts of terrorism, strikes or
other extraordinary events that negatively affect global or
regional cash commerce; anticipated cash needs in light of the
Company’s current liquidity position; the strength of the U.S.
dollar relative to foreign currencies and foreign currency exchange
rates; the Company’s ability to identify, evaluate and complete
acquisitions and other strategic transactions and to successfully
integrate acquired companies; costs related to dispositions and
product or market exits; the Company’s ability to obtain
appropriate insurance coverage, positions taken by insurers
relative to claims and the financial condition of insurers; safety
and security performance and loss experience; employee and
environmental liabilities in connection with former coal
operations, including black lung claims; the impact of the Patient
Protection and Affordable Care Act on legacy liabilities and
ongoing operations; funding requirements, accounting treatment, and
investment performance of the Company’s pension plans, the VEBA and
other employee benefits; changes to estimated liabilities and
assets in actuarial assumptions; the nature of hedging
relationships and counterparty risk; access to the capital and
credit markets; the Company’s ability to realize deferred tax
assets; the outcome of pending and future claims, litigation, and
administrative proceedings; public perception of the Company’s
business, reputation and brand; changes in estimates and
assumptions underlying critical accounting policies; and the
promulgation and adoption of new accounting standards, new
government regulations and interpretation of existing standards and
regulations.
This list of risks, uncertainties and contingencies is not
intended to be exhaustive. Additional factors that could cause the
Company’s results to differ materially from those described in the
forward-looking statements can be found under "Risk Factors" in
Item 1A of the Company’s Annual Report on Form 10-K for the period
ended December 31, 2023, as supplemented by the risk factors
discussed under Part II, Item 1A of the Company’s Quarterly Report
on Form 10-Q for the quarter ended March 31, 2024, and in related
disclosures in the Company’s other public filings with the
Securities and Exchange Commission. The forward-looking information
included in this release is representative only as of the date of
this release and The Brink's Company undertakes no obligation to
update any information contained in this release, except as
required by law.
Contact:
Investor Relations804.289.9709
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