Thomas & Betts Corp. (TNB) said Monday that it has priced a previously announced public offering of $250 million of senior notes due 2021, which will bear an interest rate of 5.625% per annum with interest payable semi-annually on May 15 and November 15 beginning in 2010.
The notes are being issued at 99.186% of their face value, which equates to an effective yield to maturity of about 5.72%.
The offering is expected to close on November 23.
Thomas & Betts plans to use the net proceeds from the offering to refinance $125 million of 7.25% unsecured notes due 2013, repay up to $95 million of outstanding indebtedness under the company's senior credit facility and for general corporate purposes.
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