MSA Safety Inc (MSA): debt financing — MSA Safety issues $50M of 5.25% Series B Senior Notes due 2028, repays revolver

MSA Safety Inc

Issued $50M of 5.25% Series B Senior Notes due July 1, 2028; interest payable semi-annually.
Proceeds used to repay equivalent amount under existing revolving credit facility with PNC Bank.
Notes require $25M principal payment on July 1, 2027, with remaining $25M due at maturity; callable at make-whole.
Covenants: min fixed charge coverage 1.50x, max leverage 3.75x (2023) then 3.50x; 4.00x during acquisition periods.
Change of control (50%+ voting stock) triggers make-whole prepayment offer on outstanding Notes.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

MSA Safety Inc incurred senior notes of $50 million with NYL Investors LLC and the purchasers of notes named therein at 5.25% per annum maturing July 1, 2028.

Instrument: senior notes
Principal: $50 million
Counterparty: NYL Investors LLC and the purchasers of notes named therein
Rate: 5.25% per annum
Maturity: July 1, 2028
Event: incurrence

Exact text from the filing

On June 29, 2023, MSA Safety Incorporated (the “Company”) issued $50 million of its 5.25% Series B Senior Notes due July 1, 2028

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26 debt financings filed in the last 30 days. Browse all debt financings →

MSA Safety Inc filing history →

Source: SEC EDGAR

accession 0000066570-23-000032

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