By Lisa Kerner
Charlotte, N.C., Oct. 17 – Barnes Group Inc. completed funding its previously announced agreement to sell $100 million of 3.97% senior notes due October 17, 2024 to New York Life Insurance Co.; New York Life Insurance and Annuity Corp.; and New York Life Insurance and Annuity Corp. Institutionally Owned Life Insurance Separate Account (BOLI 30C).
The notes are senior unsecured obligations of the company and will pay interest semiannually on April 17 and Oct. 17 of each year, according to a form 8-K filed with the Securities and Exchange Commission.
The notes have a make-whole call at Treasuries plus 50 basis points.
Under the Oct. 15 note purchase agreement, Barnes is required to maintain a ratio of consolidated senior debt to consolidated EBITDA of not more than 3.25 times at the end of each fiscal quarter. The company must also maintain a ratio of consolidated total debt to consolidated EBITDA of not more than four times at the end of each fiscal quarter, unless under specified circumstances.
Barnes’ consolidated EBITDA to consolidated cash interest expense must not be less than 4.25 times at the end of any fiscal quarter.
Barnes Group is a Bristol, Conn.-based aerospace and industrial manufacturing and service provider.
| Issuer: | Barnes Group Inc.
|
| Issue: | Senior notes
|
| Amount: | $100 million
|
| Coupon: | 3.97%
|
| Maturity: | October 17, 2024
|
| Call: | Make-whole call at Treasuries plus 50 bps
|
| Distribution: | Private placement
|
| Purchasers: | New York Life Insurance Co.; New York Life Insurance and Annuity Corp.; and New York Life Insurance and Annuity Corp. Institutionally Owned Life Insurance Separate Account (BOLI 30C)
|
| Announcement date: | Oct. 15
|
| Settlement date: | Oct. 17
|
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