PHINIA INC. (PHIN): debt financing — PHINIA issues $525M 6.75% senior secured notes due 2029, amends credit facility

PHINIA INC.

Issued $525M 6.75% Senior Secured Notes due 2029 (increased from $425M); proceeds to repay term loan B and revolver.
Interest payable semi-annually on April 15 and October 15, starting Oct 15, 2024; notes mature April 15, 2029.
Credit agreement amendment: total net leverage ratio covenant loosened from 3.00x to 3.25x (step-up to 3.75x for acquisitions).
Mandatory prepayment based on operating cash flow removed under amended credit facility.

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

PHINIA INC. incurred senior notes of $525 million aggregate principal amount with U.S. Bank Trust Company, National Association at 6.75% per annum maturing April 15, 2029.

Instrument: senior notes
Principal: $525 million aggregate principal amount
Counterparty: U.S. Bank Trust Company, National Association
Rate: 6.75% per annum
Maturity: April 15, 2029
Event: incurrence

Exact text from the filing

On April 4, 2024, PHINIA Inc. (the “Company”) issued $525 million aggregate principal amount of 6.75% Senior Secured Notes due 2029

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

PHINIA INC. amended credit facility.

Instrument: credit facility
Event: amendment

Exact text from the filing

On April 4, 2024, the Company, as borrower, and certain subsidiaries of the Company, each acting as guarantors, entered into the Amendment No. 1 to Credit Agreement

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PHINIA INC. entered into Indenture with U.S. Bank Trust Company, National Association valued at $525 million aggregate principal amount of 6.75% Senior Secured Notes due 2029 (effective 2024-04-04).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $525 million aggregate principal amount of 6.75% Senior Secured Notes due 2029
Effective: 2024-04-04

Exact text from the filing

On April 4, 2024, PHINIA Inc. (the “Company”) issued $525 million aggregate principal amount of 6.75% Senior Secured Notes due 2029 (the “notes”) pursuant to an indenture (the “Indenture”) among the Company, as issuer, certain subsidiaries of the Company named as guarantors, and U.S. Bank Trust Company, National Association, as trustee (in such capacity, the “Trustee”) and as collateral agent.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PHINIA INC. amended Amendment No. 1 to Credit Agreement (effective 2024-04-04).

Action: amendment
Agreement: credit facility
Effective: 2024-04-04

Exact text from the filing

On April 4, 2024, the Company, as borrower, and certain subsidiaries of the Company, each acting as guarantors, entered into the Amendment No. 1 to Credit Agreement (the “Credit Agreement Amendment”).

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

PHINIA INC. filing history →

Source: SEC EDGAR

accession 0001140361-24-017862

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