Advanced Drainage Systems Announces Pricing of $500 Million of 6.375% Senior Notes Due 2030
02 Juni 2022 - 10:03PM
Business Wire
Advanced Drainage Systems, Inc. (NYSE: WMS) (“ADS” or the
“Company”), a leading global manufacturer of water management
products and solutions for commercial, residential, infrastructure
and agricultural applications, today announced that it priced a
private offering (the “Offering”) of $500 million aggregate
principal amount of 6.375% senior unsecured notes due 2030 (the
“Notes”). The Company’s present and future direct and indirect
domestic subsidiaries that guarantee its senior secured credit
facility will guarantee the Notes. The offering is expected to
close on June 9, 2022, subject to customary closing conditions.
ADS intends to use the net proceeds from the Offering for the
repayment in full of the outstanding borrowings under its senior
secured revolving credit facility, and the remainder for general
corporate purposes.
The Notes and the related guarantees have not been, and will not
be, registered under the Securities Act of 1933, as amended (the
“Securities Act”), or the securities laws of any other
jurisdiction. The Notes and the related guarantees may not be
offered or sold within the United States or to United States
persons, except to persons reasonably believed to be qualified
institutional buyers in reliance on an exemption from registration
provided by Rule 144A under the Securities Act and to certain
non-U.S. persons outside the United States in reliance on
Regulation S under the Securities Act.
This press release is neither an offer to sell nor a
solicitation of an offer to buy the Notes, the related guarantees
or any other securities of ADS, nor shall there be any sale of the
Notes, the related guarantees or any other securities of ADS 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.
About the Company
Advanced Drainage Systems is the leading manufacturer of high
performance thermoplastic corrugated pipe, providing a
comprehensive suite of water management products and superior
drainage solutions for use in the construction and infrastructure
marketplace. Its innovative products are used across a broad range
of end markets and applications, including non-residential,
residential, agriculture and infrastructure applications. The
Company has established a leading position in many of these end
markets by leveraging its national sales and distribution platform,
overall product breadth and scale and manufacturing excellence.
Founded in 1966, the Company operates a global network of
approximately 70 manufacturing plants and 38 distribution
centers.
Forward Looking
Statements
Certain statements in this press release may be deemed to be
forward-looking statements. These statements are not historical
facts but rather are based on the Company’s current expectations,
estimates and projections regarding the Company’s business,
operations and other factors relating thereto. Words such as “may,”
“will,” “could,” “would,” “should,” “anticipate,” “predict,”
“potential,” “continue,” “expects,” “intends,” “plans,” “projects,”
“believes,” “estimates,” “confident” and similar expressions are
used to identify these forward-looking statements. Factors that
could cause actual results to differ from those reflected in
forward-looking statements relating to the Company’s operations and
business include: fluctuations in the price and availability of
resins and other raw materials and the Company’s ability to pass
any increased costs of raw materials on to its customers in a
timely manner; the risks related to COVID-19 pandemic or other
pandemics in the future; disruption or volatility in general
business and economic conditions in the markets in which the
Company operates; cyclicality and seasonality of the
non-residential and residential construction markets and
infrastructure spending; the risks of increasing competition in the
Company’s existing and future markets; uncertainties surrounding
the integration and realization of anticipated benefits of
acquisitions; the effect of any claims, litigation, investigations
or proceedings; the effect of weather or seasonality; the loss of
any of the Company’s significant customers; the risks of doing
business internationally; the risks of conducting a portion of the
Company’s operations through joint ventures; the Company’s ability
to expand into new geographic or product markets; the risk
associated with manufacturing processes; the effect of global
climate change; cybersecurity risks; the Company’s ability to
manage its supply purchasing and customer credit policies; the
Company’s ability to control labor costs and to attract, train and
retain highly qualified employees and key personnel; the Company’s
ability to protect its intellectual property rights; changes in
laws and regulations, including environmental laws and regulations;
and the risks associated with the Company’s current levels of
indebtedness, including borrowings under its senior secured credit
facility and outstanding indebtedness under its 5.000% senior notes
due 2027. New risks and uncertainties emerge from time to time and
it is not possible for the Company to predict all risks and
uncertainties that could have an impact on the forward-looking
statements contained in this press release. In light of the
significant uncertainties inherent in the forward-looking
information included herein, the inclusion of such information
should not be regarded as a representation by the Company or any
other person that the Company’s expectations, objectives or plans
will be achieved in the timeframe anticipated or at all. Investors
are cautioned not to place undue reliance on the Company’s
forward-looking statements and the Company undertakes no obligation
to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
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Investor / Media Contact Advanced Drainage Systems
Michael Higgins, 614-658-0050 Mike.Higgins@ads-pipe.com
Advanced Drainage Systems (NYSE:WMS)
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