AUBURN HILLS, Mich. - PHINIA Inc. (NYSE: PHIN), a company specializing in the vehicle and industrial equipment sectors, disclosed its plans to offer $425 million in senior secured notes due in 2029. This private offering is exempt from the registration requirements of the Securities Act of 1933, as amended.
The notes will be backed by guarantees from PHINIA's subsidiaries that also guarantee its credit facilities. They will be secured by first-priority security interests in almost all assets of PHINIA and the guarantors, with certain assets, exceptions, and permitted liens excluded.
PHINIA intends to allocate the net proceeds from the offering to fully repay its outstanding borrowings under its term loan B facility. Additionally, a portion of the funds will cover fees and expenses related to the offering.
The sale of these notes will be restricted to qualified institutional buyers based on Rule 144A under the Securities Act and to certain non-U.S. persons in offshore transactions in compliance with Regulation S under the Securities Act.
The information provided in this news article is based on a press release statement from PHINIA Inc. and does not constitute an endorsement of the company's claims or future performance. The offering's success and the timing of closing are subject to market conditions and other factors.
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