Worthington Industries, Inc. Thursday announced its intent to offer, subject to market and other conditions, $150 million aggregate principal amount of senior notes due April 15, 2020. The notes will bear interest at a rate of 6.50 percent, and they are being sold to the public at 99.890 percent of the principal amount thereof, to yield 6.515 percent to maturity.
The notes will be general senior unsecured obligations of the Company. The Company intends to use the net proceeds from the offering to repay a portion of the outstanding borrowings under its revolving credit facility and amounts outstanding under its revolving trade accounts receivable securitization facility.
The joint book-running managers for the offering are Credit Suisse Securities (USA) LLC and Wells Fargo Securities, LLC. The offering, which closes April 13, 2010, is being made only by means of a prospectus and related prospectus supplement.
A registration statement relating to the notes has been filed with the Securities and Exchange Commission and has become effective.
Worthington Industries is a metals manufacturing company based in Columbus, Ohio. The Company's manufactured metal products include: pressure cylinders products such as propane, refrigerant, oxygen, hand torch and camping cylinders, scuba tanks and helium balloon kits; light gauge steel framing for commercial and residential construction; framing systems and stairs for mid-rise buildings; suspension grid systems for concealed and lay-in panel ceilings, current and past model automotive service stampings; steel pallets and racks; and laser welded blanks. Worthington employs approximately 6,300 people and operates 64 facilities in 11 countries.