Sensient Technologies Corp. (SXT) announced that it has entered into an agreement with a group of financial institutions for the issuance of $110 million in fixed-rate, senior notes. The dollar-denominated debt will have a six-year average life with a final maturity in May 2017.
The company will use the proceeds from the offering to repay outstanding debt.
Kenneth Manning, Chairman and Chief Executive Officer of the company, said, "We are very pleased with the interest from investors and think it says a great deal about the strength of the company. The coupon is under 5% and subscriptions were 2 1/2 times the original offering amount".
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