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Mohawk sells €300M floating rate notes

U.S. flooring products maker Mohawk Industries Inc. is offering €300 million of its floating rate notes due 2020, according to a prospectus filed May 14.

The notes, which will only be issued in denominations of €100,000 and integral multiples of €100,000 in excess, will bear an interest rate of 3-month EURIBOR plus 30 basis points.

The first interest payment date is Aug. 18, and the succeeding payment dates are scheduled every three months from Aug. 18.

Mohawk said it intends to use the proceeds of the offering to repay its commercial paper borrowings, which it used to fund working capital requirements and expenditures and for other general corporate purposes.