Thor Industries, Inc. Announces the Pricing of Its Offering of $500 Million Aggregate Principal Amount of 4.000% Senior Unsecured Notes Due 2029
October 06, 2021 at 07:15 am EDT
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Thor Industries, Inc. announced the pricing of its offering of $500 million aggregate principal amount of 4.000% Senior Unsecured Notes due 2029. The offering size was increased from the previously announced offering size of $400 million aggregate principal amount of notes. The Notes will mature on October 15, 2029. The offering is expected to close on October 14, 2021, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from the offering, together with cash on hand, to repay a portion of the borrowings outstanding on its asset based revolving credit facility and pay certain transaction expenses. The Notes will rank equally in right of payment with all of THOR's existing and future senior indebtedness and senior to THOR's future subordinated indebtedness. The Notes will be effectively junior in right of payment to THOR's existing and future secured indebtedness to the extent of the assets securing such indebtedness. The Notes and related guarantees will be offered only to persons believed to be qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended, and to non-U.S. persons in transactions outside the United States under Regulation S of the Securities Act. The Notes have not been registered under the Securities Act, and, unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and other applicable securities laws.
THOR Industries, Inc. is a manufacturer of recreational vehicles (RVs). The Company operates through three segments: North American Towable Recreational Vehicles, North American Motorized Recreational Vehicles and European Recreational Vehicles. The North American Towable Recreational Vehicles segment consists of Airstream (towable), Heartland (including Cruiser RV and DRV), Jayco (including Jayco towable, Starcraft and Highland Ridge), Keystone (including CrossRoads and Dutchmen), and KZ (including Venture RV). The North American Motorized Recreational Vehicles segment consists of Airstream (motorized), Jayco (including Jayco motorized and Entegra Coach), Thor Motor Coach and the Tiffin Group. The European Recreational Vehicles segment consists of the EHG business. EHG manufactures a full line of motorized and towable recreational vehicles, including motorcaravans, campervans, urban vehicles and caravans in eight RV production facilities within Europe.