JBT Marel Corporation announced the pricing of $500 million aggregate principal amount of 0.375 percent convertible senior notes due 2030.
The offering includes an option for the initial purchasers to buy up to an additional $75.0 million aggregate principal amount of the notes within a 13-day period.
The net proceeds will be used to pay for convertible note hedge and warrant transactions and to repay borrowings under the revolving credit facility.
Convertible Senior Notes Offering
$500 million aggregate principal amount of 0.375 percent convertible senior notes due 2030.
Conversion Details
Initial conversion rate of 5.3258 shares per $1,000 principal amount, representing a 32.5 percent conversion premium.
Use of Proceeds
To cover costs of convertible note hedge and warrant transactions, and repay outstanding borrowings.
- The pricing of the convertible senior notes indicates a strategic move by JBT Marel Corporation to strengthen its financial position.
- The option for additional purchases shows investor confidence in the company's future prospects.
JBT Marel Corporation's offering of convertible senior notes is a significant step towards optimizing its capital structure and funding future strategic initiatives.