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JBT Marel Corporation (NYSE and Nasdaq Iceland: JBTM) announced today that it intends to offer $500 million aggregate principal amount of convertible senior notes due 2030 (the "Notes") in a private offering (the "Offering"). The Company also intends to grant the initial purchasers of the Notes an option to purchase up to an additional $75 million aggregate principal amount of the Notes within a 13-day period beginning on, and including, the initial closing date of the Offering.
The Company intends to use a portion of the net proceeds from the Offering to pay the net cost of the convertible note hedge and warrant transactions described below. The Company expects to use the remaining net proceeds from the Offering to repay a portion of the borrowings outstanding under its revolving credit facility. The Company subsequently intends to draw on its revolving credit facility and/or use cash on hand to repay or otherwise refinance its 0.25 percent convertible senior notes due 2026 (the "2026 notes") at or prior to the maturity of the 2026 notes.
Posted In: JBTM
