TriMas Corporation (NASDAQ: TRS) has declared the pricing of $400 million in the total principal of senior unsecured notes due 2029 in an offering exempt from the registration requirements of the Securities Act of 1933. The Notes will have an interest rate of 4.125%.
This offering of Notes is anticipated to execute on March 29, 2021, dependent on certain execution conditions. The firm is planning to use the profit from the Notes offering to convert all of its unresolved 4.875% senior unsecured notes due 2025. Any outstanding net profit will be utilized for general business purposes.
TriMas Corporation (NASDAQ: TRS) shares were down 2.14% during the trading session of Monday. TriMas Corporation's (NASDAQ: TRS) share price went from a low point around $18.05 to briefly over $36.62 in the past 52 weeks, though shares have since pulled back to $32.50. TRS market cap has stayed high, reaching $1.40 billion at the time of writing.
The Notes are being presented only to the individuals who are eligible as a buyer in accordance with Rule 144A under the Securities Act and to certain non-U.S. persons outside of the US following the Regulation S under the Securities Act.