THOR Industries, Inc. (NYSE: THO) (“Company” or “THOR”) announced today the pricing of its offering of $500 million aggregate principal amount of 4.000% Senior Unsecured Notes due 2029 (the “Notes”). 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 (the “Securities Act”), 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.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes, and there will not be any sale of the Notes, in any jurisdiction in which such offer or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About THOR Industries, Inc.
THOR Industries is the sole owner of operating subsidiaries that, combined, represent the world’s largest manufacturer of recreational vehicles.