WINNEBAGO INDUSTRIES INC (WGO): debt financing — Winnebago issues $350M in 3.25% convertible notes due 2030; repurchases $240.7M of 2025 notes

WINNEBAGO INDUSTRIES INC

$350M aggregate principal of 3.250% convertible senior notes due 2030 issued; initial conversion price $87.93 per share (30% premium to Jan 18 close of $67.64).
$295M of net proceeds used to repurchase $240.7M aggregate principal of its 1.50% Convertible Senior Notes due 2025.
Entered convertible note hedge and warrant transactions (warrant strike $135.28, ~100% premium) to manage dilution.
Net proceeds of $30.5M received from partial termination of existing call spread transactions related to 2025 notes.
Notes mature Jan 15, 2030; interest payable semi-annually starting July 15, 2024.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

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

WINNEBAGO INDUSTRIES INC incurred convertible notes of $350.0 million with U.S. Bank National Association at 3.250% maturing January 15, 2030.

Instrument: convertible notes
Principal: $350.0 million
Counterparty: U.S. Bank National Association
Rate: 3.250%
Maturity: January 15, 2030
Event: incurrence

Exact text from the filing

the Initial Purchasers notified the Company of their election to purchase an additional $50.0 million in aggregate principal amount of Notes pursuant to the Option. A total of $350.0 million in aggregate principal amount of Notes was issued by the Company to the Initial Purchasers on January 23, 2024. The Purchase Agreement includes customary representations,

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.99

WINNEBAGO INDUSTRIES INC entered into Purchase Agreement with Goldman Sachs & Co. LLC and BMO Capital Markets Corp. valued at $300.0 million initial / $350.0 million after option exercise of 3.250% convertible senior notes due (effective 2024-01-18).

Action: entry
Agreement: notes offering
Counterparty: Goldman Sachs & Co. LLC and BMO Capital Markets Corp.
Value: $300.0 million initial / $350.0 million after option exercise of 3.250% convertible senior notes due
Effective: 2024-01-18

Exact text from the filing

On January 18, 2024, Winnebago Industries, Inc. (the "Company") entered into a Purchase Agreement (the "Purchase Agreement") with Goldman Sachs & Co. LLC and BMO Capital Markets Corp., as the initial purchasers (collectively, the "Initial Purchasers"), relating to the sale of $300.0 million in aggregate principal amount of the Company's 3.250% convertible senior notes due 2030 (the "Notes") to the Initial Purchasers.

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

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Source: SEC EDGAR

accession 0001104659-24-005904

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