NCR Corp. closed on Aug. 21 the previously announced offering of 5.750% senior notes due 2027 and 6.125% senior notes due 2029. The aggregate principal amount of the offering was $1 billion, consisting of $500 million of 2027 notes and $500 million of 2029 notes.
Net proceeds from the offering, together with initial borrowings under new senior secured senior credit facilities that NCR intends to enter into, will be used to redeem or repurchase the company's outstanding 4.625% senior notes due 2021. The remaining proceeds will be used to repay outstanding debt under the company's existing senior secured credit facilities and for general corporate purposes.
Each series of notes was issued pursuant to an indenture among the company, NCR International Inc. as subsidiary guarantor and Wells Fargo Bank NA as trustee.
Interest on the 2027 notes and the 2029 notes will be paid semiannually in arrears on March 1 and Sept. 1 of each year, beginning March 1, 2020. The 2027 notes will mature Sept. 1, 2027, and the 2029 notes will mature Sept. 1, 2029.
