Finning International announced this week that it has completed a private placement of U.S. $300 million aggregate principal amount of senior unsecured notes. The sale of notes is comprised of three series: the U.S. $50 million 4.18-percent senior notes, Series 3, due April 3, 2022; the U.S. $50 million 4.28-percent senior notes, Series D, due April 3, 2024; and the U.S. $200 million 4.53-percent senior notes, Series E, due April 3, 2027.
Proceeds are expected to be used to fund the anticipated purchase from Caterpillar of the distribution and support business formerly carried on by Bucyrus International in Finning’s South America territories.
Finning is the world’s largest Caterpillar dealer, operated in western Canada, Chile, Argentina, Bolivia, Uruguay, the United Kingdom and Ireland. A major player in equipment rental, Finning is No. 9 on the RER 100.