RPM International (NYSE: RPM) announced today that it agreed to sell $300 million aggregate principal amount of its 3.450% Notes due November 15, 2022 (the “Notes”) pursuant to the provisions of an underwriting agreement dated October 18, 2012 among RPM and RBS Securities Inc. and Wells Fargo Securities, LLC as representatives of the underwriters. The company will pay interest on the Notes semi-annually on May 15th and November 15th of each year, beginning on May 15, 2013. The sale of the Notes is expected to close October 23, 2012.
The expected net proceeds will be approximately $297.7 million after deducting the underwriting discount, but before deducting expenses related to the offering. RPM intends to use the net proceeds from the offering of the Notes to repay a portion of the outstanding borrowings under its revolving credit facility.
This press release shall not constitute an offer to sell, nor the solicitation of an offer to buy, any of the securities, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale is not permitted. The offering of the Notes was registered under the Securities Act of 1933, as amended, and is being made pursuant to RPM’s Registration Statement on Form S-3 filed by RPM with the Securities and Exchange Commission (“SEC”).
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