Dorman Products Launches $450M Senior Notes Offering

By Chris Stiles • Wednesday, June 03 13:16 • Permanent Link

Dorman Products said June 2 it is launching a private offering of $450 million of senior notes due 2034.

The company said the notes will be guaranteed by each of its existing and future wholly owned domestic subsidiaries that already guarantee or otherwise obligate under its credit agreement and certain other debt, subject to exceptions.

Dorman said it plans to use the proceeds to repay borrowings under existing credit facilities. Any remaining cash would go toward general corporate purposes.

The company did not disclose the interest rate or other pricing terms, saying those will be set at pricing. As a result of these announcements, the company's shares have moved -0.62% on the market, and are now trading at a price of $125.045. For the full picture, make sure to review Dorman Products's 8-K report.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.