(NASDAQ:STGW) — Stagwell Inc. today announced the closing of the previously announced offering by its subsidiary Midas OpCo Holdings LLC of $1.0 billion aggregate principal amount of 5.625% senior unsecured notes to qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act of 1933, as amended and to certain non-United States persons in transactions outside the United States pursuant to Regulation S under the Securities Act.
A portion of the proceeds from the Offering was used to redeem all $870.3 million aggregate principal amount of the Issuer’s outstanding 7.50% Senior Notes due 2024 (the “Existing Notes”), including accrued interest, related premiums, fees and expenses. The Issuer intends to use the remaining proceeds of the Offering to reduce credit facility borrowings and for general corporate purposes.
The Notes and the related note guarantees may not be offered or sold in the United States or to, or for the benefit of, U.S. persons absent registration under, or an applicable exemption from, the registration requirements of the Securities Act and applicable state securities laws.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other security and shall not constitute an offer, solicitation or sale in any jurisdiction in which, or to any persons to whom, such offering, solicitation or sale would be unlawful. Any offers of the Notes are being made only by means of a private offering circular. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.
About Stagwell Inc.
Stagwell is the challenger holding company built to transform marketing. Stagwell delivers scaled creative performance for the world’s most ambitious brands, connecting culture-moving creativity with leading-edge technology to harmonize the art and science of marketing. Led by entrepreneurs, Stagwell’s 12,000+ specialists in 30+ countries are unified under a single purpose: to drive effectiveness and improve business results for their clients.
