IDEX completes $500.0 million senior notes offering due 2029 to fund Mott deal
IDEX Corporation completed an underwritten public offering of $500.0 million in 4.950% Senior Notes due 2029, with net proceeds of approximately $495.0 million. The company plans to use the proceeds, along with revolving credit borrowings and cash on hand, to pay the cash consideration for its previously announced acquisition of Mott Corporation.
- $500.0 million of 4.950% Senior Notes issued August 21, 2024, maturing September 1, 2029
- Net proceeds of approximately $495.0 million after underwriting discount and about $1.7 million in offering expenses
- If the Mott Acquisition does not close by the Special Mandatory Redemption End Date (no earlier than November 20, 2024), the notes must be redeemed at 101% of principal plus accrued interest