Solaris exits Canada for Switzerland with new CEO, board and spin-out plans
The company changed its board of directors and plans to spin out non-core assets La Verde, Capricho, and Paco Orco into a new company.
VANCOUVER, BRITISH COLUMBIA– Finning International Inc. (“Finning”) (TSX:FTT) announced today that it completed a US private placement of US $200 million aggregate principal amount of senior unsecured notes (the “Notes”). The sale of Notes is comprised of two series: the U.S. $100,000,000 3.98% Senior Notes, Series A, due January 19, 2022 (“Series A Notes”) and the U.S. $100,000,000 4.08% Senior Notes, Series B, due January 19, 2024 (“Series B Notes”).
The ten-year Series A Notes and twelve-year Series B Notes will rank pari passu with Finning’s existing senior unsecured obligations. Proceeds will be used to repay debt including outstanding commercial paper borrowings and for general corporate purposes.
Finning International Inc. is the world’s largest Caterpillar equipment dealer delivering unrivalled service to customers since 1933. Finning sells, rents and services equipment and engines to help customers maximize productivity. Headquartered in Vancouver, B.C., the Company operates in western Canada, Chile, Argentina, Bolivia, Uruguay, as well as in the United Kingdom and Ireland. For additional information please visit our website at www.finning.com.
This release may contain forward-looking statements and information, which reflect the current view of Finning International Inc. with respect to future events and financial performance. Any such forward-looking statements are subject to risks and uncertainties and Finning’s actual results of operations could differ materially from historical results or current expectations. Finning assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein do not materialize.
Refer to Finning’s annual report, management information circular, annual information form and other filings with the Ontario Securities Commission and Toronto Stock Exchange for further information on risks and uncertainties that could cause actual results to differ materially from forward-looking statements contained in this report.
