By Lisa Kerner
Charlotte, N.C., June 29 - UTi Worldwide Inc. issued $150 million of senior guaranteed notes in a private placement to a limited number of institutional investors including Prudential Life Insurance Co. of America on Friday, according to an 8-K filing with the Securities and Exchange Commission.
The new notes bear interest at a rate of 3.67% per year and mature on Aug. 24, 2018.
Principal payments of $9 million each are due on Feb. 24 and Aug. 24 of 2014, principal payments of $19 million each are due on Feb. 24 and Aug. 24 of 2015, 2016 and 2017, and principal payments of $9 million each are due on Feb. 24 and Aug. 24 of 2018.
The company may at any time prepay all or a part of the principal amount of the notes subject to a make-whole payment and other terms, the filing said.
The company used $33.3 million of the net proceeds to repay the remaining outstanding principal amount on its July 13, 2006 senior guaranteed notes.
UTi Worldwide is an ocean freight and logistics company based in Road Town, the British Virgin Islands.
| Issuer: | UTi Worldwide Inc.
|
| Issue: | Senior guaranteed notes
|
| Amount: | $150 million
|
| Maturity: | Aug. 24, 2018
|
| Coupon: | 3.67%
|
| Price: | Par
|
| Yield: | 3.67%
|
| Distribution: | Private placement
|
| Settlement date: | June 24
|
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