PHINIA prices $450 million 6.625% senior notes due 2032, repays term loan A
PHINIA Inc. issued $450 million of 6.625% senior notes due October 15, 2032, upsized from a previously announced $400 million offering, and said it intends to use the proceeds to repay all outstanding term loan A borrowings. The company also amended its credit agreement to reduce the margin on revolving loans and modify certain covenants, which the filing describes without quantifying.
- Notes: $450 million principal, 6.625% coupon, sold at 100.00% of principal, due October 15, 2032
- Interest payable semiannually on April 15 and October 15, starting April 15, 2025
- Proceeds to repay all term loan A borrowings, pay offering fees and expenses, and for general corporate purposes
- Credit Agreement Amendment No. 2 dated September 17, 2024 reduces revolving loan margin and modifies covenants