Gates Industrial to Offer $500M Senior Notes

Gates Industrial Corporation PLC (NYSE: GTES) has announced its intention to offer $500.0 million aggregate principal amount of senior notes due 2029 through its indirect subsidiary, Gates Corporation. The notes will be fully guaranteed by Gates Industrial Holdco Limited and certain other subsidiaries. The net proceeds from the offering, along with new term loans and cash on hand, will be used to refinance certain indebtedness.

It's important to note that the notes to be offered have not been and will not be registered under the Securities Act of 1933, as amended, or any state securities laws and may only be offered or sold in the United States under certain exemptions.

Gates is a global manufacturer of power transmission and fluid power solutions, offering a broad portfolio of products to diverse replacement channel customers and original equipment manufacturers. Its products are utilized in various industries and consumer applications across more than 130 countries.

It's worth noting that this press release is being issued pursuant to rule 135c under the Securities Act and does not constitute an offer to sell or a solicitation of an offer to buy any securities.

The press release did not provide specific metrics or changes since the last period, such as revenue, profits, or debt levels. As a result of these announcements, the company's shares have moved -1.0% on the market, and are now trading at a price of $17.47. Check out the company's full 8-K submission here.

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