MINNEAPOLIS, April 12 /PRNewswire-FirstCall/ -- The Valspar Corporation announced today the pricing of a public offering of $200 million aggregate principal amount of 5.625% senior unsecured notes due May 1, 2012 and $150 million aggregate principal amount of 6.05% senior unsecured notes due May 1, 2017.
The public offerings were made pursuant to a registration statement filed with the U.S. Securities and Exchange Commission. Both transactions are expected to close on April 17, 2007 subject to customary closing conditions.
Valspar intends to use the net proceeds to pay at maturity its $350 million outstanding principal amount of 6.00% senior unsecured notes due May 1, 2007.
Barclays Capital and Wachovia Securities served as joint book-running managers for the offerings.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor should there be sale of these senior unsecured notes in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
The Valspar Corporation is a global leader in the paint and coatings industry. Since 1806, Valspar has been dedicated to bringing customers the latest innovations, the finest quality and the best customer service in the coatings industry.
For more information, visit http://www.valsparglobal.com/.
This press release contains certain "forward-looking" statements. These forward-looking statements are based on management's expectations and beliefs concerning future events. Forward-looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of the Company that could cause actual results to differ materially from such statements. These uncertainties and other factors include, but are not limited to, dependence of internal earnings growth on economic conditions and growth in the domestic and international coatings industry; risks related to any future acquisitions, including risks of adverse changes in the results of acquired businesses and the assumption of unforeseen liabilities; risks of disruptions in business resulting from the integration process and higher interest costs resulting from further borrowing for any such acquisitions; our reliance on the efforts of vendors, government agencies, utilities and other third parties to achieve adequate compliance and avoid disruption of our business; risks of disruptions in business resulting from the Company's relationships with customers and suppliers; unusual weather conditions adversely affecting sales; changes in raw materials pricing and availability; delays in passing along cost increases to customers; changes in governmental regulation, including more stringent environmental, health and safety regulations; the nature, cost and outcome of pending and future litigation and other legal proceedings; the outbreak of war and other significant national and international events; and other risks and uncertainties. The foregoing list is not exhaustive, and the Company disclaims any obligation to subsequently revise any forward-looking statements to reflect events or circumstances after the date of such statements.
