Wabtec said it completed a public offering and sale of $500,000,000 aggregate principal amount of its 5.611% Senior Notes due 2034 on March 11, 2024. The offering was made under the company's existing Form S-3 shelf registration statement.

1. 01

   Wabtec said it completed a public offering and sale of $500,000,000 aggregate principal amount of its 5.611% Senior Notes due 2034 on March 11, 2024. The offering was made under the company's existing Form S-3 shelf registration statement.

2. 02

   The company said the notes bear interest at 5.611% per year, payable semi-annually on March 11 and September 11, and mature on March 11, 2034. It said it may redeem the notes before December 11, 2033 by paying a make-whole premium, and on or after that date at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest.

3. 03

   The company said the notes are senior unsecured obligations and that the subsidiary guarantors guarantee them on an unsecured basis, jointly and severally. If a change of control triggering event occurs, it must offer to purchase the notes at 101% of their principal amount, plus accrued and unpaid interest. The notes are structurally subordinated to secured debt of the company's subsidiaries, to the extent of the assets securing that debt.

4. 04

   The company said it expects to enter into a new 2024 Credit Agreement with PNC Bank, National Association as Administrative Agent, which provides for a single borrowing of $225.0 million in term loans. The company said completion of the notes offering was not conditioned on entering into or funding the credit agreement, and that the agreement is expected to be entered into on or about March 14, 2024.

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