Curtiss-Wright (CW) Prices Its $300 Million Debt Offering

By Dan Anderson ● May 18, 2020
  • Curtiss-Wright Corp. (NYSE: CW) has announced it priced a private placement debt offering of $300 million for senior notes,

Curtiss-Wright Corp. (NYSE: CW) has announced it priced a private placement debt offering of $300 million for senior notes, consisting of $150 million 3.10% notes due 2030 and $150 million 3.20% notes due 2032.

Curtiss-Wright Corp. (NYSE: CW) is known as a global innovative company that delivers highly engineered, critical function products, and services to the commercial, industrial, defense and energy markets. And the company builds on the heritage of Glenn Curtiss and the Wright brothers. Currently, the company employs approximately 9,100 people worldwide.

“We are very pleased with the tremendous response we received for this debt offering to bolster our strong and healthy balance sheet and also take advantage of historically low-interest rates,” said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation. “This financing will provide Curtiss-Wright with greater flexibility to execute on our balanced capital allocation strategy that consists of reinvesting in our business, supplementing our organic growth with strategic acquisitions, and returning capital to shareholders. Together with our strong free cash flow generation, Curtiss-Wright remains well-positioned for future growth.”

Curtiss-Wright is expecting to use the net proceeds from the offering for general corporate purposes — which may include reducing outstanding indebtedness under the company’s revolving credit facilities, possible future acquisitions, or funding internal growth initiatives. And the offering is expected to close on August 13, 2020, subject to customary closing conditions.