By Lisa Kerner
Charlotte, N.C., Oct. 16 - Mettler-Toledo International Inc. agreed to issue and sell $50 million of 3.67% series 2012-A senior notes due Dec. 17, 2022 to accredited institutional investors, according to a Form 8-K filing with the Securities and Exchange Commission.
The company said it may use the proceeds to refinance existing debt and for other general corporate purposes.
Under the note purchase agreement, Mettler-Toledo must maintain a consolidated interest coverage ratio of more than 3.5 to 1.0 and a consolidated leverage ratio of less than 3.5 to 1.0.
Interest is payable semiannually on June 17 and Dec. 17 of each year, beginning on June 17, 2013.
Mettler-Toledo may prepay the notes at any time, in whole or in part, at a price equal to 100% of the principal amount plus accrued and unpaid interest plus a make-whole prepayment premium.
The investors include: C.M. Life Insurance Co., MassMutual Asia Ltd., Lincoln National Life Insurance Co., and the Lincoln National Life Insurance Co., and Aviva Life and Annuity Co.
Mettler-Toledo is a Columbus, Ohio-based supplier of precision instruments and services.
| Issuer: | Mettler-Toledo International Inc.
|
| Issue: | Series 2012-A senior notes
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| Amount: | $50 million
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| Maturity: | Dec. 17, 2022
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| Coupon: | 3.67%
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| Call: | Make-whole at Treasuries plus 50 bps
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| Distribution: | Private placement
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