Sensient Technologies Corporation 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. Proceeds from the offering will be used to repay outstanding debt.
“We are very pleased with the interest from investors and think it says a great deal about the strength of the company,” Kenneth P. Manning, chairman and CEO of Sensient Technologies, said. “The coupon is under 5 percent and subscriptions were 2½ times the original offering amount. Despite volatile financial markets over the past several years, Sensient has consistently demonstrated an ability to raise capital at favorable terms.”