debt
confidence high
sentiment neutral
materiality 0.60
Core & Main issues $750M 6% senior notes due 2034, refinances term loan with $800M 2033 facility
Core & Main, Inc.
- Issued $750M aggregate principal of 6.000% Senior Notes due July 1, 2034; interest payable semiannually.
- Entered into Sixth Amendment to Term Loan Credit Agreement, establishing $800M 2033 Senior Term Loan at SOFR+1.75% or base+0.75%.
- Proceeds from notes and new term loan used to repay the existing 2028 Senior Term Loan and for general corporate purposes.
- Notes are unsecured senior obligations guaranteed by parent companies and future domestic subsidiaries.
- New term loan matures July 1, 2033; quarterly principal payments at 1% per annum of original principal.