172 material Form 8-K filings that 152 companies we cover made with the SEC in September 2024, each read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). All of them were written later, when past filings were added: a selection, not every 8-K of the month (see the note below).
First American Financial Corporation issued $450 million of 5.450% Senior Notes due September 30, 2034, under an existing indenture and a fifth supplemental indenture dated September 30, 2024. The notes are general senior unsecured obligations of the parent company, not guaranteed by its subsidiaries, so the issuance adds $450 million of debt ranking alongside its other senior unsecured debt.
Principal: $450 million aggregate, 5.450% Senior Notes due September 30, 2034
Interest payable semi-annually on March 30 and September 30, starting March 30, 2025
Redeemable before June 30, 2034 at a make-whole price; at par plus accrued interest on or after that date
Holders of at least 25% of principal, or the trustee, may accelerate the notes after certain defaults
On September 25, 2024, Tyler Technologies entered a new unsecured revolving credit facility of up to $700 million, maturing September 25, 2029, which replaces its $500 million 2021 credit agreement that was scheduled to mature in April 2026. Tyler had no borrowings outstanding under either agreement at closing, and the company may use the facility for general corporate purposes, including acquisitions. The filing describes a financing arrangement rather than a change in drawn debt.
New unsecured revolving credit facility of up to $700 million, maturing September 25, 2029
Replaces the $500 million 2021 credit agreement, which was scheduled to mature in April 2026
No borrowings outstanding under either the new or the 2021 agreement at closing
Revolving loans priced at SOFR plus 1.125% to 1.75%, based on the total net leverage ratio
Terreno Realty LLC, a wholly-owned subsidiary of Terreno Realty Corporation, signed a Third Amendment on September 24, 2024 to its senior credit agreement. The amendment increases the revolving credit facility by $200.0 million to $600.0 million and extends its maturity from August 2025 to January 2029, giving the company more borrowing capacity with a later repayment date.
Revolving credit facility increased by $200.0 million to $600.0 million, maturing January 2029
Two term loans of $100.0 million each, maturing January 2027 and January 2028
Accordion feature allows the facility to grow by up to $450.0 million, to a maximum of $1.25 billion, subject to lender approval
KeyBank National Association served as administrative agent; PNC Bank, Regions Bank, U.S. Bank and others acted as lenders
Casella Waste Systems entered a Second Amended and Restated Credit Agreement on September 27, 2024, with Bank of America as administrative agent, replacing its prior facility. The $1.5 billion facility includes an $800 million term loan A and a $700 million revolver, which was undrawn at closing, giving the company more liquidity for general corporate purposes, including acquisitions.
Facility totals $1.5 billion: $800 million term loan A plus $700 million revolving credit facility with a $155 million letter of credit sublimit
Matures September 27, 2029 and replaces the prior $1.08 billion credit facility
Term SOFR interest margin initially 1.925%; commitment fee on unused revolver initially 0.300%
Term loan amortization begins with the quarter ending March 31, 2027
Franklin BSP Realty Trust's subsidiary closed a securitization of about $1.024 billion in commercial real estate mortgages on September 26, 2024, selling about $886 million of the notes in a private placement. The company said proceeds will repay borrowings under its current credit facilities, fund future loans and investments, and support general corporate purposes, and it intends to hold the portfolio to maturity as financing on its balance sheet.
Offered notes total about $886 million; the target pool balance is about $1.024 billion, including a $100 million ramp-up period for multifamily loans.
Class A notes of $558,340,000 carry an initial rate of 1.638% plus 1 Month CME Term SOFR; the notes mature July 15, 2039.
Notes are limited recourse, payable solely from portfolio cash flow and other company assets.
Interest is payable monthly beginning October 15, 2024.
On September 24, 2024, subsidiary Burlington Coat Factory Warehouse Corporation signed Amendment No. 11 to its term loan credit agreement with JPMorgan Chase Bank, N.A., as administrative agent. The amendment refinances $933 million of term B-6 loans with $1,250 million of term B-7 loans, including $317 million of incremental term loans, while extending the maturity and lowering interest rate margins. For shareholders, the company takes on $317 million of additional term borrowing in exchange for a later maturity and lower margins.
Term B-6 loans of $933 million refinanced with $1,250 million of term B-7 loans, including $317 million of incremental term loans
Maturity extended from June 24, 2028 to September 24, 2031
Prime rate margin cut from 1.00% to 0.75%; SOFR margin cut from 2.00% to 1.75%, with a 0.00% SOFR floor
Term B-7 loans issued at an original issue discount of 99.5
Universal Technical Institute entered a Third Amendment to its credit agreement with Fifth Third Bank on September 26, 2024. The amendment raises the revolving loan commitment to $125.0 million, adds a $25.0 million accordion feature, extends maturity to November 30, 2027, and eliminates the credit spread adjustment. The filing gives no figures on borrowings drawn and no operating results, so the effect on shareholders is limited to the expanded borrowing capacity and longer maturity.
Revolving loan commitment increased to $125.0 million
Adds a $25.0 million accordion feature
Maturity extended to November 30, 2027
Credit spread adjustment eliminated; amendment is with lender Fifth Third Bank
On September 20, 2024, OneSpaWorld and subsidiaries entered a new senior secured credit agreement with Bank of America, N.A. as administrative agent, providing a $100 million term loan (fully drawn) and a $50 million revolving facility that remained undrawn at closing. Proceeds, together with cash on hand, repaid in full the outstanding debt under the company's First Lien Credit Agreement, which was terminated; the new facilities mature September 20, 2029.
Term loan of $100 million, fully drawn at closing; revolver of up to $50 million, undrawn at closing, including up to $5 million for letters of credit
Interest at Term SOFR plus a 1.90% margin, stepping up to a maximum of 2.65% based on leverage; revolver commitment fee of 0.25% to 0.40%
Financial covenants require maximum consolidated total leverage ratio of 4.00 to 1.00 and minimum fixed charge coverage ratio of 1.25 to 1.00
Facilities are secured by substantially all assets and mature September 20, 2029
First American Financial Corporation entered into an underwriting agreement on September 23, 2024 to sell $450 million of 5.450% Senior Notes due 2034. The offering is expected to close on September 30, 2024, and the company plans to use the net proceeds to repay its 4.60% Senior Notes due 2024 and for general corporate purposes.
Principal amount: $450 million of 5.450% Senior Notes due 2034
Underwriting agreement dated September 23, 2024 with J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and PNC Capital Markets LLC as representatives
Expected closing date: September 30, 2024, subject to customary conditions
Proceeds to repay 4.60% Senior Notes due 2024 at maturity and for general corporate purposes
Hawaiian Electric Industries agreed on September 23, 2024 to sell 54,054,054 shares of common stock at $9.25 per share, with expected net proceeds of approximately $485 million. The company plans to use the proceeds to fund its contribution to the expected Maui wildfire tort litigation settlement and for general corporate purposes. Shareholders should note the new share count and the underwriters' option to buy up to 8,108,108 more shares.
Company agreed to sell 54,054,054 shares at $9.25 per share under an underwriting agreement dated September 23, 2024 with Wells Fargo Securities, Barclays Capital and Guggenheim Securities.
Expected net proceeds of approximately $485 million after underwriting discounts, commissions and estimated offering expenses.
Underwriters have an option to purchase up to 8,108,108 additional shares.
Proceeds will fund the company's contribution to the expected Maui wildfire tort litigation settlement and general corporate purposes; closing is expected on September 25, 2024.
Avalon Holdings and certain subsidiaries amended their line of credit agreement with Premier Bank on September 23, 2024, extending the maturity date from July 31, 2025 to July 31, 2026. At September 23, 2024, $3,200,000 was drawn under the facility. The filing is an administrative extension of existing borrowing terms and does not state any change in amount or rate.
Maturity extended from July 31, 2025 to July 31, 2026
$3,200,000 drawn under the line of credit as of September 23, 2024
Amendment amends a credit agreement originally dated May 31, 2018 and previously amended September 18, 2023
Filed exhibits include a Business Loan Agreement (Asset Based), Promissory Note and Commercial Security Agreement, all dated September 23, 2024
On September 20, 2024, Advent Convertible and Income Fund (AVK) began a rights offering that gives record-date shareholders one right per common share held, with one new common share available for every three rights. The filing says the offer covers up to 11,533,627 common shares, and the subscription price is set in the prospectus, which is not included in this filing text.
Record date was September 20, 2024; holders receive one right for each common share owned on that date.
Three rights are needed to buy one new common share, and holders who own fewer than three shares may buy one full share.
The offer covers up to 11,533,627 common shares, with UBS Securities LLC acting as dealer manager.
The rights are expected to trade on the NYSE under the symbol AVK RT.
Voya Financial completed a registered public offering of $400 million of 5.000% Senior Notes due 2034 on September 20, 2024, with aggregate net proceeds of approximately $396.0 million. The company intends to use the proceeds for general corporate purposes, which may include repaying its $400 million 3.976% Senior Notes maturing February 15, 2025.
Notes: $400 million principal, 5.000% interest, maturing September 20, 2034
Net proceeds to Voya of approximately $396.0 million after commissions and estimated expenses
Interest payable March 20 and September 20 each year, starting March 20, 2025
Proceeds may repay $400 million of 3.976% Senior Notes due February 15, 2025
Box, Inc. sold $400 million of 1.50% Convertible Senior Notes due 2029, and initial purchasers exercised their option in full on September 18, 2024, raising the total to $460 million. The company used part of the proceeds to repurchase $140.0 million of its 0% Convertible Senior Notes due 2026, which adds new debt while reducing older convertible debt.
Notes bear 1.50% interest and mature September 15, 2029; the notes are convertible at an initial price of about $43.46 per share, a premium of about 30% to the $33.43 closing price on September 17, 2024.
Net proceeds were about $447.8 million after discounts and expenses; about $52.5 million went to capped call transactions and about $191.7 million to repurchase $140.0 million of 2026 Notes.
The company may not redeem the notes before September 20, 2027, and holders can require repurchase at 100% of principal upon a fundamental change.
Simon Property Group, L.P., the operating partnership of SPG, amended and extended its $3.5 billion multi-currency revolving credit facility on September 19, 2024. The facility can grow to $4.5 billion during its term, and its maturity moved from January 31, 2026 to January 31, 2029, with an optional extension to 2030. The company said the facility, combined with its existing $5.0 billion facility, gives it $8.5 billion of total revolving credit capacity.
Initial borrowing capacity of $3.5 billion, expandable to $4.5 billion during the term
Maturity extended to January 31, 2029 from January 31, 2026, with an option to extend to January 31, 2030
Dollar borrowing rate unchanged from the prior facility at SOFR plus 82.5 basis points, based on current credit ratings
Avient Corporation entered into an indenture on September 19, 2024 for $650 million of 6.250% senior unsecured notes due November 1, 2031, sold in a private transaction. The filing describes customary covenants, change-of-control repurchase at 101% of principal, and redemption terms, which add a new long-term debt obligation for the company.
Principal amount: $650 million of 6.250% Senior Notes due 2031
Interest paid semi-annually on May 1 and November 1, starting May 1, 2025; maturity November 1, 2031
Redemption permitted from September 15, 2027; change-of-control offer at 101% of principal
Indenture with U.S. Bank Trust Company, National Association, as trustee; filed as Exhibit 4.1
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
Darden Restaurants signed a $600 million, two-year senior unsecured term loan on September 16, 2024, and amended its $1.25 billion revolving credit agreement. The company has not yet drawn on the term loan, and proceeds may fund its pending acquisition of Chuy's Holdings and related fees, which means shareholders may see added debt if the borrowing is made.
$600 million two-year term loan with Bank of America as administrative agent, dated September 16, 2024
Single borrowing allowed until February 17, 2025; no amount drawn as of the filing date
Proceeds may finance the anticipated acquisition of Chuy's Holdings and related fees and expenses
Revolving credit agreement amended to a maximum consolidated leverage ratio of 3.50 to 1.00, replacing the prior debt-to-capitalization covenant
Standard Motor Products entered a new credit agreement on September 16, 2024, providing up to approximately $750 million in senior secured borrowings, and terminated its existing $625 million 2022 credit facility at the same time. The company says the term loans and part of the revolver will help finance its previously announced acquisition of Nissens Automotive and related costs.
Credit agreement dated September 16, 2024, with JPMorgan Chase Bank, N.A. as administrative agent, provides up to approximately $750 million
Existing $625 million 2022 credit agreement was terminated on September 16, 2024
Term loans and part of the revolver will finance the Nissens Automotive acquisition; the facility matures on the fifth anniversary of signing
On September 16, 2024, Roku entered into a credit agreement with Citibank N.A. as administrative agent, providing a five-year revolving credit facility of up to $300 million. The facility is secured by substantially all assets of Roku and its guarantor subsidiaries and includes financial covenants on interest coverage and net leverage.
Five-year revolving credit facility of up to $300 million, maturing September 16, 2029
Uncommitted increase option of up to an additional $300 million, subject to customary conditions
$100 million sub-facility for letters of credit; certain existing letters of credit will be deemed outstanding under it
Covenants require a minimum interest coverage ratio and a maximum total net leverage ratio
Service Corporation International issued $800 million of 5.750% Senior Notes due 2032 on September 17, 2024, and announced the offering closed. The company said it will use the net proceeds to repay outstanding loans under its revolving credit facility and pay related fees, interest and expenses. The filing reports a debt refinancing with no reported change to operating results.
Issued $800 million aggregate principal of 5.750% Senior Notes due 2032 on September 17, 2024.
Net proceeds will repay outstanding loans under the revolving credit facility plus related fees, interest and expenses.
Wells Fargo Securities acted as lead joint book-running manager for the underwritten public offering.
Notes were issued under a Nineteenth Supplemental Indenture dated September 17, 2024, with BOKF, NA as series trustee.
Huntington Ingalls Industries entered a Second Amended and Restated Credit Agreement on September 17, 2024, with JPMorgan Chase Bank, N.A. as administrative agent. The revolving credit facility capacity rose from $1.5 billion to $1.7 billion and its maturity was extended to September 17, 2029. The filing describes this as a refinancing of the existing facility, and the pricing terms are tied to the company's credit rating.
Facility capacity increased from $1.5 billion to $1.7 billion
Maturity extended to September 17, 2029
At current credit rating, drawn amounts would bear interest at SOFR plus 1.375%, and the commitment fee would be 0.20%
American Assets Trust, L.P., the operating partnership of American Assets Trust, Inc., sold $525 million in aggregate principal amount of 6.150% Senior Notes due 2034 on September 17, 2024. The parent company guarantees the notes under an indenture dated January 26, 2021.
Principal amount: $525,000,000 of 6.150% Senior Notes due 2034, issued and sold September 17, 2024
Terms governed by an indenture dated January 26, 2021 with U.S. Bank Trust Company, National Association, as trustee, and an officers' certificate dated September 17, 2024
American Assets Trust, Inc. acts as guarantor of the notes
Smurfit Westrock and certain subsidiaries amended their US$700 million receivables purchasing and servicing agreement with Rabobank's New York branch, dated September 11, 2023. The amendment, signed September 13, 2024, extends the acquisition period termination date to September 15, 2025. The filing describes this as a routine contract extension and does not disclose financial results or other changes to the company's position.
Agreement: US$700 million receivables purchasing and servicing agreement, originally dated September 11, 2023
Amendment signed September 13, 2024 with Coöperatieve Rabobank U.A., New York Branch, as purchaser
Acquisition period termination date extended to September 15, 2025
WestRock Company and WestRock RKT, LLC are terminating guarantors; Smurfit Westrock plc is the new guarantor
Reliance, Inc. entered into a Second Amended and Restated Credit Agreement on September 10, 2024, providing a five-year senior unsecured revolving credit facility of $1.5 billion. About $82 million was outstanding under the agreement as of September 10, 2024, and the company may use the funds for general corporate purposes, growth and stockholder return activities. The new terms replace the 2020 agreement and remove the interest coverage ratio covenant, leaving a maximum total net leverage ratio as the only financial maintenance covenant.
Facility size: $1.5 billion five-year senior unsecured revolver, including a $150 million letter of credit sublimit and a $50 million swing line sublimit
Borrowings outstanding as of September 10, 2024: approximately $82 million
Initial pricing: SOFR plus 1.00% and a 0.10% unused fee, until the compliance certificate for the quarter ending September 30, 2024 is delivered; thereafter pricing ranges based on the Total Net Leverage Ratio
Replaces the existing credit agreement dated September 3, 2020; Bank of America, N.A. is the administrative agent
Gulfport Energy Operating Corporation, a subsidiary of Gulfport Energy Corporation, completed a $650 million private placement of 6.750% Senior Notes due September 1, 2029, on September 13, 2024. The company also amended its credit agreement to raise elected commitments from $900 million to $1.0 billion, with the borrowing base reaffirmed at $1.1 billion. The filing describes new debt obligations and standard limits on additional borrowing and dividends, which bear on shareholders' claims on future cash flow.
$650 million of 6.750% Senior Notes due September 1, 2029, issued September 13, 2024
Interest payable March 1 and September 1 each year, starting March 1, 2025
Credit facility elected commitments raised from $900 million to $1.0 billion; borrowing base reaffirmed at $1.1 billion
Credit facility maturity extended to four years from the Fourth Amendment closing date
Acadia Realty Trust's operating partnership amended its credit facility on September 12, 2024, raising the revolving credit line from $350.0 million to $525.0 million and the accordion capacity from $900.0 million to $1.1 billion. The same day, it used cash on hand and borrowings under the amended facility to repay in full a $175.0 million term loan, with no early termination penalties reported. The filing shows added borrowing capacity and a retired term loan, but it does not state the new facility's drawn balance or pricing changes.
Revolving credit facility increased from $350.0 million to $525.0 million on the same terms.
Accordion feature capacity raised from $900.0 million to $1.1 billion.
$175.0 million term loan under the April 6, 2022 agreement repaid in full on September 12, 2024.
No early termination penalties were incurred, according to the filing.
Service Corporation International agreed to sell $800 million of 5.750% senior notes due 2032 through an underwritten offering led by Wells Fargo Securities. The company said it will use the net proceeds to repay outstanding loans under its revolving credit facility and pay related fees, interest and expenses, with closing expected on September 17, 2024. The filing covers debt financing only and reports no earnings or guidance figures.
Issuance of $800 million aggregate principal amount of 5.750% Senior Notes due 2032, priced September 12, 2024
Wells Fargo Securities, LLC is representative of the underwriters and lead joint book-running manager
Net proceeds will repay outstanding revolving credit facility loans plus related fees, interest and expenses
Closing of the note sale is expected on September 17, 2024, subject to customary conditions
STAG Industrial and its operating partnership entered into an amended and restated credit agreement with Wells Fargo Bank and other lenders on September 10, 2024, for its $1.0 billion unsecured credit facility. The main change extends the maturity from October 24, 2025 to September 8, 2028, with two six-month extension options at the company's discretion, subject to conditions including a fee. The filing does not state a change in borrowing capacity, and the company says other material terms are unchanged.
Maturity extended from October 24, 2025 to September 8, 2028, with two six-month extension options
Facility is $1.0 billion and unsecured; the agreement was signed September 10, 2024
As of September 10, 2024, the stated rate was one-month Adjusted Term SOFR (including a 0.10% adjustment) plus a 0.775% spread
Rate terms can include a 0.10% increase for SOFR loans and a spread tied to debt rating and leverage ratio
NOV entered a five-year unsecured revolving credit facility of up to $1.5 billion with Wells Fargo as administrative agent, and terminated its $2.0 billion 2017 facility, which was scheduled to expire in October 2025. The company says it paid no termination penalties, and the new facility can be increased to $2.5 billion with lender consent, giving NOV a longer-dated borrowing source.
New $1.5 billion unsecured revolving credit facility dated September 12, 2024, with initial maturity in September 2029
Two one-year extension options, subject to consent of extending lenders; commitments can increase to $2.5 billion
Prior $2.0 billion 2017 facility terminated on September 12, 2024, with no termination penalties
Proceeds to be used for working capital and general corporate purposes
Phillips Edison Grocery Center Operating Partnership I, L.P., a subsidiary guaranteed by Phillips Edison & Company, completed an underwritten public offering of $350 million of 4.950% senior notes due January 15, 2035. The estimated net proceeds of about $341.2 million are intended for general corporate purposes, including acquiring properties and repaying debt, which adds to the company's direct debt obligations.
Principal amount: $350 million; purchase price to underwriters was 97.808% of principal
Notes bear 4.950% interest, paid January 15 and July 15, first payment January 15, 2025, maturing January 15, 2035
Estimated net proceeds of approximately $341.2 million after underwriting discount and expenses
Indenture includes limits on additional debt and a requirement to maintain unencumbered assets
Advanced Energy Industries signed Amendment No. 4 to its credit agreement on September 9, 2024, raising its revolving facility commitment by $400 million to $600 million, all currently available. The company used cash on hand to prepay in full the $345 million outstanding under its term loan, leaving its $575 million 2.50% convertible senior notes due 2028 as its only remaining debt, and the company says this should reduce net interest expense.
Revolving facility commitment increased by $400 million to $600 million in aggregate, all currently available.
Term loan facility of $345 million outstanding was prepaid in full using cash on hand, along with accrued interest.
Accordion feature refreshed to allow an increase of up to $250 million in the aggregate, subject to conditions.
Only remaining debt is $575 million of 2.50% convertible senior notes due 2028; interest rate swaps on the term loan expired September 10, 2024.
RXO agreed on September 9, 2024 to sell 19,230,770 shares of common stock at $26.00 per share, for about $500 million in gross proceeds and approximately $479 million in estimated net proceeds after offering expenses. The company said it intends to use the proceeds to finance a portion of its pending acquisition of Coyote Logistics from UPS, and that the offering is not contingent on that acquisition closing. The share sale adds new shares outstanding, which would dilute existing shareholders, and the underwriters also hold an option to buy up to 2,884,615 more shares.
Offering: 19,230,770 shares at $26.00 per share, upsized to $500 million in total gross proceeds
Estimated net proceeds of approximately $479 million, to fund part of the Coyote Logistics acquisition from UPS
RXO expects the Coyote acquisition to be completed by September 20, 2024; offering expected to close September 11, 2024
Underwriters have an option to purchase up to 2,884,615 additional shares
Cadence closed a $2.5 billion offering of senior notes on September 10, 2024, due in 2027, 2029 and 2034, and used part of the proceeds to repay in full and terminate two Bank of America loan agreements. The filing shows the company swapping bank borrowings for longer-term fixed-rate debt, with interest payable semi-annually starting March 10, 2025.
Senior notes total $2.5 billion: $500.0 million due 2027 at 4.200%, $1.0 billion due 2029 at 4.300%, and $1.0 billion due 2034 at 4.700%
Proceeds were used in part to prepay in full loans under agreements dated September 7, 2022 and May 30, 2024 with Bank of America, N.A., which were then terminated
Notes are general unsecured senior obligations, with covenants limiting liens, certain sale and leaseback transactions, and mergers or asset sales
Arrow Electronics entered Amendment No. 35 to its domestic accounts-receivables securitization facility, extending maturity from September 20, 2025, to September 10, 2027. The filing also cites other unspecified modifications and lists six participating banks. The filing does not give facility size or pricing, and it reports no effect on earnings.
Maturity extended from September 20, 2025, to September 10, 2027
Amendment No. 35 dated September 10, 2024, filed as Exhibit 10.1
Participating banks include Bank of America, Mizuho Bank, PNC Bank, Wells Fargo Bank, Truist Bank and Sumitomo Mitsui Banking Corporation
Centerspace amended its equity distribution agreement to raise the maximum value of common shares it can sell through agents to $500 million, an increase of $250 million. The company had already sold shares worth $220,676,481.51 under the program, leaving $279,323,518.49 available. Shareholders may face dilution if these additional shares are sold, though the filing does not state any planned sales.
Maximum aggregate offering size raised by $250,000,000 to $500,000,000 on September 9, 2024
Prior sales under the agreement totaled $220,676,481.51, leaving a remaining balance of $279,323,518.49
Colliers Securities LLC and Janney Montgomery Scott LLC added as agents; settlement period changed from two business days to one
Nordson Corporation completed an underwritten public offering of $600 million in 4.500% notes due 2029 on September 9, 2024. The company intends to use the net proceeds to repay all $500 million of borrowings under its 364-day term loan facility, plus accrued interest, which leaves no loans outstanding under that facility.
Offering: $600 million aggregate principal amount of 4.500% Notes due 2029, completed September 9, 2024
Proceeds intended to repay the $500 million Term Loan Facility in full, plus accrued and unpaid interest
Notes may be redeemed early at 100% of principal plus a make-whole premium before November 15, 2029, and at 100% of principal from that date
Holders may require repurchase at 101% of principal plus accrued interest upon a Change of Control Triggering Event
CSW Industrials agreed on September 4, 2024 to sell 1,100,000 new shares of common stock at $285 per share, for gross proceeds of about $313.5 million. The company estimates net proceeds of about $302.1 million and plans to use them mainly to repay outstanding debt, with the rest for general corporate purposes, including potential future acquisitions. The new shares increase the number of shares outstanding, which dilutes existing holders' ownership.
Offering of 1,100,000 shares at $285 per share, up from an initially announced 1,000,000 shares
Estimated net proceeds of about $302.1 million, after underwriting discounts and offering expenses
Underwriters have a 30-day option to buy up to 165,000 additional shares
Company and its executive officers and directors agreed to a 60-day lock-up on share sales; closing expected on or about September 6, 2024
On September 6, 2024, Greenbrier subsidiaries signed a fifth amendment to their warehouse loan agreement. The amendment ends CA-CIB's commitment and lowers the total committed amount by $100 million. The change reduces the credit available under this facility, which is a financing matter for shareholders to note.
CA-CIB's commitment under the Loan Agreement ended under the Fifth Amendment.
Bank of America's commitment fell from $350 million to $315 million.
Wells Fargo's commitment fell from $150 million to $135 million.
Total committed amount decreased from $550 million to $450 million.
Cadence Design Systems agreed on September 4, 2024 to sell $2.5 billion of senior unsecured notes in a public offering through a group of underwriters led by J.P. Morgan, BofA Securities and HSBC. The company expects to close the offering on September 10, 2024 and will use part of the proceeds to repay two term loan facilities, with the rest for general corporate purposes.
Notes: $500 million at 4.200% due September 10, 2027; $1.0 billion at 4.300% due September 10, 2029; $1.0 billion at 4.700% due September 10, 2034
Offering expected to close on September 10, 2024, subject to customary closing conditions
Proceeds to repay amounts under a three-year and a two-year senior non-amortizing term loan facility, with remaining funds for general corporate purposes, possibly including repayment of its 4.375% senior notes due October 15, 2024
RiverNorth Capital and Income Fund, Inc. said it will redeem all 1,656,000 outstanding shares of its 5.875% Series A Term Preferred Stock (NYSE: RMPL) at an estimated $25.20 per share, with an anticipated redemption date of October 4, 2024. The preferred stock will be suspended from the NYSE before market open on that date, and the filing says dividends will stop accumulating once the shares are redeemed.
Estimated redemption price of $25.20 per share: $25.00 liquidation preference plus $0.20 accrued and unpaid dividends
Anticipated redemption date is October 4, 2024, but the redemption may occur later, no later than October 31, 2024
NYSE suspension before market open on October 4, 2024, with a Form 25 to be filed with the SEC to withdraw the listing
Redemption payments to DTC made by DST Systems, Inc. as redemption agent; questions to 844-569-4750
Sensient Technologies and its subsidiary Sensient Receivables entered into Amendment No. 11 to a receivables purchase agreement with Wells Fargo on August 30, 2024. The amendment extends the termination date of the trade receivables securitization program to August 29, 2025, and allows up to 10% of eligible receivables to have terms longer than 120 days from the invoice date if owed by specified customers. The filing describes this as a routine update to an existing financing arrangement and does not disclose dollar amounts.
Amendment No. 11 dated August 30, 2024 among Sensient Receivables LLC, Sensient Technologies Corporation and Wells Fargo Bank, National Association
Termination date of the receivables securitization program extended to August 29, 2025
Up to 10% of eligible receivables may have terms exceeding 120 days from invoice date if owed by specified customers
On September 3, 2024, Dollar General entered into an unsecured five-year revolving credit facility of $2.375 billion, which replaced its 2021 credit agreement. The filing describes the new facility's pricing, covenants and a scheduled termination date of September 3, 2029, and it does not report any drawn balance or change in earnings.
Unsecured five-year revolving credit facility of $2.375 billion, with letter of credit subfacility up to $100 million and swingline subfacility up to $50 million
Company may request up to $500.0 million in additional revolving commitments, subject to lender approval
Interest margin of 1.015% for Adjusted Term SOFR loans and commitment fee of 0.110% as of September 3, 2024, both subject to change based on debt ratings
All commitments under the 2021 Credit Agreement were terminated and replaced by the new facility on September 3, 2024
SPX Technologies' subsidiary SPX Enterprises entered into a Second Amendment to its credit agreement with Bank of America, N.A. as administrative agent, effective August 30, 2024. The amendment doubles aggregate revolving credit commitments from $500.0 million to $1.0 billion, and the company expects to use the added capacity in part to finance permitted acquisitions and for other corporate purposes.
Revolving credit commitments increased from $500.0 million to $1.0 billion
Second Amendment effective August 30, 2024; filed as Exhibit 10.1
Company expects to use the increased capacity in part to finance permitted acquisitions
Original Credit Agreement dated August 12, 2022; Bank of America, N.A. is administrative agent
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