Loan & DebtJul 2, 2026, 05:27 PM
Core & Main Issues $750M Senior Notes, Refinances $800M Term Loan
AI Summary
Core & Main LP, an indirect subsidiary of Core & Main, Inc., issued $750 million of 6.000% Senior Notes due 2034. The proceeds will be used to prepay a portion of its 2028 Senior Term Loan and for general corporate purposes, including organic growth, mergers and acquisitions, and share repurchases. Additionally, the company refinanced the remaining 2028 Senior Term Loan with a new $800 million 2033 Senior Term Loan, which matures on July 1, 2033, and bears interest at Term SOFR plus 1.75% or an alternate base rate plus 0.75%.
Key Highlights
- Issued $750 million aggregate principal amount of 6.000% Senior Notes due 2034.
- Notes interest payable semiannually, commencing January 1, 2027.
- Notes mature on July 1, 2034.
- Proceeds to prepay a portion of 2028 Senior Term Loan and for general corporate purposes.
- Refinanced 2028 Senior Term Loan with new $800 million 2033 Senior Term Loan.
- New 2033 Senior Term Loan matures on July 1, 2033.
- 2033 Senior Term Loan interest: Term SOFR + 1.75% or ABR + 0.75%.
Price Impact
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