Lincoln Electric issues $550 million senior notes, replaces credit facility
Lincoln Electric issued $550 million of senior unsecured notes on June 20 and 24, 2024, and entered a new $1 billion revolving credit facility. Proceeds of the Series C notes repaid the company's $400 million term loan, and the 2021 $500 million revolving facility was terminated. After the transactions, the company reports $1.25 billion of total debt outstanding, with a weighted average interest rate of 4.08%, and expects full-year 2024 interest expense, net, to be relatively steady versus the prior year.
Key points
- Notes: $75 million Series A at 5.55% due August 2029, $75 million Series B at 5.62% due August 2031, and $400 million Series C at 5.74% due June 2034.
- Series C proceeds repaid the $400 million term loan under the credit agreement dated November 29, 2022, which was terminated.
- New $1 billion revolving credit facility matures June 20, 2029, with no outstanding borrowings at closing; the 2021 $500 million facility was terminated.
- Total debt outstanding is $1.25 billion, with covenants of a maximum net leverage ratio of 3.5x EBITDA and a minimum interest coverage ratio of 2.5x EBITDA.
The filing
Written by AI on Nov 8, 2026, 1:11 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on June 24, 2024.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.