JBT Marel Corporation has announced the closing of its previously announced private offering of convertible senior notes. The company successfully issued $575 million aggregate principal amount of 0.375 percent convertible senior notes, with a maturity date set for 2030. This issuance includes $75 million from the initial purchasers' full exercise of their option to acquire additional notes. The proceeds from this offering will be used to execute convertible note hedge and warrant transactions and repay a portion of the borrowings under the company's revolving credit facility. Additionally, JBT Marel Corporation plans to utilize its revolving credit facility or cash on hand to refinance its existing 0.25 percent convertible senior notes due 2026.
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