GCP Applied Technologies Announces Closing of Refinancing Transactions
CAMBRIDGE, MA – GCP Applied Technologies Inc. (NYSE: GCP) (“GCP”) announced today the closing of its previously announced refinancing transactions, including the following:
Senior Notes Offering
On April 10, 2018, GCP closed its previously announced private offering (the “offering”) of $350 million aggregate principal amount of 5.500% Senior Notes due 2026 (the “Notes”) issued pursuant to an Indenture, dated as of April 10, 2018, by and among GCP, the guarantors party thereto and Wilmington Trust, National Association, as trustee.
Credit Agreement Amendment
GCP also announced today that it has entered into an amendment to its Credit Agreement to, among other things, (i) increase the aggregate principal amount of revolving commitments available thereunder to $350 million, (ii) extend the maturity date of the revolving credit facility thereunder to 2023, and (iii) make certain other changes to the covenants and other provisions therein.
Redemption of Existing Notes
GCP also announced today that, using net proceeds from the offering, together with borrowings under its Credit Agreement and cash on hand, it redeemed all $525 million outstanding aggregate principal amount of its 9.500% Senior Notes due 2023 (the “2023 Notes”) in accordance with the terms of the indenture governing such 2023 Notes.
The offer and sale of the Notes and the related guarantees have not been registered under the Securities Act of 1933 (the “Securities Act”) or any state securities laws and, unless so registered, the Notes may not be offered or sold in the United States except pursuant to an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.
This news release is not an offer to purchase, nor a solicitation of an offer to sell, any securities, and shall not constitute a notice of redemption with respect to any outstanding notes of GCP.