UL Solutions draws on credit facility to fund part of special dividend

By Wendy Van Sickle

Columbus, Ohio, Oct. 5 – UL Solutions Inc. plans to draw down on its credit facility to fund a portion of a $600 million special dividend to UL Standards & Engagement, the sole stockholder of the company, according to a news release.

The company will also use cash on hand and proceeds of a $300 million offering of 6.5% senior notes due Oct. 20, 2028 to fund the special dividend.

The intended dividend will provide UL Standards & Engagement, a nonprofit organization that translates safety science into action through standards development, partnerships and advocacy, with additional funds to advance its nonprofit mission, according to the release.

The global safety science company is based in Northbrook, Ill.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.