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People & Business :: Earnings/Finance
Valspar Refinances Debt
9:57 AM MST | January 11, 2012 | Vincent Valk
Valspar has issued $400 million in new debt maturing in 2022. Half of the proceeds will go toward refinancing $200 million in debt that will come due on May 1 of this year. The new debt carries an interest rate of 4.2%, lower than the 5.625% rate of the maturing debt. Valspar will also use a portion of the proceeds to repay commercial paper borrowings. Standard & Poor’s (S&P; New York) has rated the debt ‘BBB,’ while Moody’s (New York) has rated it ‘Baa2.’ “The ratings on Valspar reflect the company's solid...
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