DEERFIELD, Ill.–(BUSINESS WIRE)–Fortune Brands Innovations, an industry-leading home, security and commercial building products company, today announced that on June 6, 2023, it priced a registered public offering of $600 million in aggregate principal amount of 5.875% senior unsecured notes maturing in 2033. The weighted-average interest rate will be approximately 4.5%, net of interest rate hedges that the Company put in place in late 2021 in anticipation of the offering.
In advance of the notes offering, the Company received an upgraded credit rating from Moody’s to Baa2 Stable from Baa3 Positive.
“Fortune Brands Innovations’ solid business model and track record of sales growth and margin expansion have resulted in BBB-equivalent credit ratings from all three rating agencies,” said Fortune Brands Chief Financial Officer David Barry. “The successful completion of this offering will enable us to continue executing on our strategy of delivering industry-leading brands, innovation, and channel management to our consumers and customers while maintaining an advantaged capital structure.”
The Company intends to use the net proceeds from the notes offering to pay off its 2023 4.000% senior unsecured notes maturing in September 2023, pay down any short-term borrowings and for general corporate purposes. The offering is expected to close on June 14, 2023, subject to customary closing conditions.
The senior unsecured notes offering is being made pursuant to an effective shelf registration statement (including a base prospectus) that the Company has on file with the Securities and Exchange Commission (“SEC”). The offering may be made only by means of a prospectus supplement and the base prospectus. Electronic copies of the preliminary prospectus supplement, the accompanying prospectus and the final prospectus supplement, when available, can be obtained for free by visiting EDGAR on the SEC website at www.sec.gov. Copies of these documents can also be obtained by contacting BofA Securities, Inc. toll-free at 1-800-294-1322 or emailing dg.prospectus_requests@bofa.com, contacting Citigroup Global Markets Inc. toll-free at 1-800-831-9146 or contacting J.P. Morgan Securities LLC at 1-866-803-9204. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the notes described herein or any other securities, nor shall there be any sale of these notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.
About Fortune Brands Innovations
Fortune Brands Innovations, Inc. (NYSE: FBIN), headquartered in Deerfield, Ill., is a brand, innovation and channel leader focused on exciting, supercharged categories in the home products, security and commercial building markets. The Company’s growing portfolio of brands includes Moen, House of Rohl, Aqualisa, Therma-Tru, Larson, Fiberon, Master Lock and SentrySafe. To learn more about FBIN, its brands and environmental, social and governance (ESG) commitments, visit www.FBIN.com.
