Kaman Corporation (NYSE: KAMN) has announced the sale of an additional USD 25 million in aggregate principal amount of its 3.25% convertible senior notes due 2024 in a private offering, the company said.
The sale of the Additional Notes settled on May 24, 2017.
The interest expense the company expects to record in respect of the Notes will represent the cash coupon of 3.25% and the accretion of the deemed debt discount.
The company used a portion of the net proceeds from the sale of the Additional Notes to enter into the additional capped call transactions with the option counterparties and has used a portion, and intends to use the remainder, of the net proceeds from the sale of the additional notes to repay indebtedness under the company´s existing credit agreement.
Bloomfield, Connecticut-based Kaman Corporation conducts business in the aerospace and industrial distribution markets. The company produces and markets proprietary aircraft bearings and components.