debt
confidence high
sentiment neutral
materiality 0.50
Trinity prices $200M add-on of 7.75% notes due 2028; to redeem $400M 4.55% notes due 2024
TRINITY INDUSTRIES INC
- Issued $200M additional 7.750% Senior Notes due 2028 at 102.5% of par; net proceeds ~$211.1M.
- Proceeds + cash/credit facility to fully repay $400M 4.550% Senior Notes due 2024; redemption on June 25, 2024.
- Total 7.750% notes outstanding: $600M; mature July 15, 2028; interest payable Jan 15 & Jul 15.
- Notes are unsecured senior obligations guaranteed by domestic subsidiaries that also guarantee the revolver.