Worthington Enterprises issues €91.7M in new senior notes to replace existing subsidiary debt

WORTHINGTON ENTERPRISES, INC.

Issued €36.7M 2.06% Series A Note due 2031 and €55M 2.40% Series B Notes due 2034 to Prudential in a private placement.
Notes exchanged for equal principal amounts of existing notes issued by Worthington Luxembourg and Worthington Cylinders GmbH.
Existing notes, note agreement, and company guaranty terminated upon exchange.
Senior notes rank equally with existing unsecured unsubordinated debt; financial covenants include leverage ratio ≤55% and interest coverage ≥3.25x.
Maturities: Series A Note due Aug 23, 2031 (with €30M due Aug 23, 2029); Series B Notes due Aug 23, 2034 (with €23.3M due Aug 23, 2031).

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