ALMELO, Netherlands, May 6, 2011 /PRNewswire/ -- Sensata Technologies Holding N.V. (NYSE: ST) ("Sensata") today announced that its wholly-owned subsidiary, Sensata Technologies B.V. (the "Issuer"), has priced $700 million in aggregate principal amount of 6.5% senior notes due 2019 (the "Notes") in connection with a private offering that is exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). The size of the offering was increased from the previously announced $600 million, and consequently the term loan facility under the Issuer's new senior secured credit facility will be reduced by the same amount. The Notes were priced at 100% of par. The closing of the offering is expected to occur on May 12, 2011, subject to certain closing conditions, including the effectiveness of the Issuer's new senior secured credit facility.
The Notes will be guaranteed on a senior unsecured basis by all of the Issuer's existing and future wholly-owned subsidiaries that guarantee the Issuer's new senior secured credit facility, and the Notes and the guarantees will rank equally with any senior indebtedness the Issuer or the guarantors incur. The Notes and the guarantees will be senior to all of the Issuer's and the guarantors' future indebtedness that is expressly subordinated to the Notes and the guarantees. The Notes and the guarantees will be effectively junior to the Issuer's and the guarantors' secured indebtedness to the extent of the assets securing that indebtedness, including obligations under the Issuer's new senior secured credit facility.
Sensata intends to use the net proceeds from the offering together with borrowings under the new credit facility and cash on hand to (i) repay amounts currently outstanding under its existing term loans, 8% senior notes due 2014 and 9% senior subordinated notes due 2016, (ii) pay accrued interest on such indebtedness and related redemption premiums and (iii) pay fees and expenses in connection with these refinancing transactions.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV