MGP Ingredients prices $175M convertible notes offering to reduce revolving credit facility debt

MGP INGREDIENTS INC

Priced $175 million aggregate principal amount of 1.875% convertible senior notes due 2041 in a private offering.
Initial conversion price is approximately $96.24 per share, a 37.5% premium over the November 10 closing price of $69.99.
Net proceeds estimated at $169.3 million ($194.8 million if over-allotment fully exercised) to reduce outstanding revolving credit facility balance.
Initial purchasers granted option to buy up to an additional $26.25 million principal amount to cover over-allotments.
Settlement scheduled for November 16, 2021; notes guaranteed by MGPI Processing, MGPI of Indiana, and Luxco.

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