Phinia Inc. has announced its plans to offer $400 million aggregate principal amount of unsecured senior notes due 2032 in a private offering. These notes will be guaranteed by each of the company's subsidiaries that guarantee its credit facilities and its 6.75% senior secured notes due 2029.
The net proceeds from this offering will be used to repay all of Phinia's outstanding borrowings under its term loan a facility, to pay fees and expenses in connection with the offering, and for general corporate purposes.
It's important to note that the notes have not been and will not be registered under the Securities Act or any state securities laws, and may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from such registration requirements. Therefore, the offering is being made only to qualified institutional buyers and certain non-U.S. persons.
This press release emphasizes that the offering does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of the notes in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. Following these announcements, the company's shares moved -0.5%, and are now trading at a price of $45.15. Check out the company's full 8-K submission here.
