By Marisa Wong
Morgantown, W.Va., Nov. 1 – Ametek Inc. has agreed to sell the equivalent of $825 million of senior notes through a private placement with institutional investors.
The notes have a weighted average interest rate of 1.82% and a weighted average maturity of 11.5 years, according to a press release.
There are two funding dates for the senior notes. The first funding occurred on Oct. 31 for €500 million, consisting of €300 million of 1.34% notes due October 2026 and €200 million of 1.53% notes due October 2028.
The second funding date will be Nov. 23 for £225 million, consisting of £150 million of 2.59% notes due November 2028 and £75 million of 2.7% notes due November 2031.
Proceeds will be used to repay existing debt and to provide capital to support growth strategies.
Ametek is a Berwyn, Pa.-based manufacturer of electronic instruments and electro-mechanical devices.
| Issuer: | Ametek Inc.
|
| Issue: | Senior notes
|
| Amount: | $825 million (equivalent)
|
| Weighted average maturity: | 11.5 years
|
| Weighted average interest rate: | 1.82%
|
| Settlement dates: | Oct. 31 for €500 million, Nov. 23 for £225 million
|
| Distribution: | Private placement
|
|
|
| 1.34% notes
|
| Amount: | €300 million
|
| Maturity: | October 2026
|
| Coupon: | 1.34%
|
|
|
| 1.53% notes
|
| Amount: | €200 million
|
| Maturity: | October 2028
|
| Coupon: | 1.53%
|
|
|
| 2.59% notes
|
| Amount: | £150 million
|
| Maturity: | November 2028
|
| Coupon: | 2.59%
|
|
|
| 2.7% notes
|
| Amount: | £75 million
|
| Maturity: | November 2031
|
| Coupon: | 2.7%
|
|
|
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