AZZ completes $1.283B acquisition of Sequa Mezzanine; funds with $1.3B term loan and $240M convertible notes

AZZ INC

Acquired all membership interests of Sequa Mezzanine for $1,283,000,000 (Precoat purchase price).
Entered new $1.3B term loan ($400M revolver) with 4.25% interest; matures 2029/2027.
Issued $240M 6.00% convertible subordinated notes due 2030 to Blackstone; exchangeable into Series A Preferred.
Blackstone receives board seat; David M. Kaden appointed as initial designee.
Terminated 2021 credit facility; will redeem $150M senior notes (2.77% and 3.17%) at make-whole.

item 1.01 item 2.01 item 5.02 item 1.02 item 2.03 item 3.02 item 7.01 item 9.01

Executive movements

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Appointed

David M. Kaden

Director

AZZ · AZZ INC

Effective: 2022-05-13
Filed: May 16, 2022, 7:59 PM ET

the Board appointed David M. Kaden to serve as a member of the Board, with his initial term expiring at the Company’s 2022 annual meeting of shareholders.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

David M. Kaden was appointed as Director at AZZ INC.

Action: appointed
Role: Director

Exact text from the filing

the Board appointed David M. Kaden to serve as a member of the Board, with his initial term expiring at the Company’s 2022 annual meeting of shareholders.

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AZZ INC filing history →

Source: SEC EDGAR

accession 0000008947-22-000056

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