KENOSHA, Wis.--(BUSINESS WIRE)--Feb. 27, 2018--
Snap-on Incorporated (NYSE: SNA) (the “Company”) announced today the
consummation of the previously announced cash tender offer (the “Tender
Offer”) for any and all of its outstanding 6.70% Senior Notes due March
1, 2019 (the “Notes”). The Tender Offer expired at 5:00 p.m., New York
City time, on February 26, 2018 (the “Expiration Date”). $26,098,000 or
13.05% of the $200,000,000 aggregate principal amount of the Notes was
validly tendered and not withdrawn in the Tender Offer. The Company
accepted for purchase all of the Notes validly tendered and delivered
(and not validly withdrawn) in the Tender Offer at or prior to the
Expiration Date. Payment for the Notes purchased pursuant to the Tender
Offer is intended to be made on the date hereof (the “Payment Date”).
The consideration to be paid under the Tender Offer will be $1,040.88
per $1,000 principal amount of Notes, plus accrued and unpaid interest
to, but not including, the Payment Date. The total Tender Offer
consideration of $28,019,740.76 including accrued and unpaid interest
will be funded from a portion of the net proceeds from the Company’s
recently announced issuance of its 4.100% Senior Notes due 2048.
The Company will retire approximately 13.05% of the outstanding amount
of the Notes pursuant to the Tender Offer.
The Tender Offer was made pursuant to the Company’s Offer to Purchase
dated February 20, 2018, the related Letter of Transmittal and Notice of
Guaranteed Delivery. Citigroup Global Markets Inc., J.P. Morgan
Securities LLC and U.S. Bancorp Investments, Inc. acted as Dealer
Managers for the Tender Offer. This press release is neither an offer to
purchase nor a solicitation to buy any of the Notes nor is it a
solicitation for acceptance of the Tender Offer.
On February 20, 2018, the Company issued a notice of redemption to
redeem all of the remaining outstanding Notes on March 22, 2018.
About Snap-on
Snap-on Incorporated is a leading global innovator, manufacturer and
marketer of tools, equipment, diagnostics, repair information and
systems solutions for professional users performing critical tasks.
Products and services include hand and power tools, tool storage,
diagnostics software, information and management systems, shop equipment
and other solutions for vehicle dealerships and repair centers, as well
as for customers in industries, including aviation and aerospace,
agriculture, construction, government and military, mining, natural
resources, power generation and technical education. Snap-on also
derives income from various financing programs to facilitate the sales
of its products and support its franchise business. Products and
services are sold through the company’s franchisee, company-direct,
distributor and internet channels. Founded in 1920, Snap-on is a $3.7
billion, S&P 500 company headquartered in Kenosha, Wisconsin.
Forward-Looking Statements
Statements in this news release that are not historical facts, including
statements that (i) are in the future tense; (ii) include the words
“expects,” “anticipates,” “intends,” “approximates,” or similar words
that reference Snap-on or its management; (iii) are specifically
identified as forward-looking; or (iv) describe Snap-on’s or
management’s future outlook, plans, estimates, objectives or goals, are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Snap-on cautions the reader that this
news release may contain statements that are forward looking in nature
and were developed by management in good faith and, accordingly, are
subject to risks and uncertainties regarding Snap-on’s expected results
that could cause (and in some cases have caused) actual results to
differ materially from those described or contemplated in any
forward-looking statement. Factors that may cause the company’s actual
results to differ materially from those contained in the forward-looking
statements include those found in the company’s reports filed with the
Securities and Exchange Commission, including the information under the
“Safe Harbor” and “Risk Factors” headings in its Annual Report on Form
10-K for the fiscal year ended December 30, 2017, which are incorporated
herein by reference. Snap-on disclaims any responsibility to update any
forward-looking statement provided in this news release, except as
required by law.
For additional information on Snap-on, visit www.snapon.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180227006112/en/
Source: Snap-on Incorporated
Snap-on Incorporated
Media contact:
Richard Secor
262/656-5561
or
Investor
contact:
Leslie Kratcoski
262/656-6121