The Toro Co. last week announced that it agreed to sell $125 million aggregate principal amount of 6.625 percent unsecured senior notes due May 1, 2037 in an underwritten public offering. Toro intends to use the proceeds of the offering to pay at maturity its $75 million outstanding principal amount of 7.125 percent notes due June 15, as well as for general corporate purposes. The offering was expected to close last week.
Banc of America Securities llc acted as sole book-running manager for the offering. Co-managers for the offering were SunTrust Robinson Humphrey, BMO Capital Markets, Piper Jaffray, Wells Fargo Securities and BNY Capital Markets.
Headquartered in Bloomington, Minn., The Toro Co. is a worldwide provider of outdoor beautification products, support services and integrated solutions.
