Cleaning & Restoration Breaking News

Mohawk Industries agrees to $700 million sale of senior notes

April 1, 2002
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Mohawk Industries, Inc. agreed to sell $300 million of its 6.50 percent senior notes due 2007 and $400 million of its 7.20 percent senior notes due 2012.

CALHOUN, Ga. --Mohawk Industries, Inc. (NYSE:MHK) announced that it has agreed to sell $300 million of its 6.50 percent senior notes due 2007 and $400 million of its 7.20 percent senior notes due 2012 through institutional private placements.

The size of the deal was increased to $700 million from an originally planned $600 million.

The leading producer of woven and tufted broadloom carpet and rugs for residential and commercial applications intends to use the net proceeds from the private placements to repay all outstanding indebtedness, approximately $600 million, under Mohawk's bridge credit facility. The Georgia-based carpet maker also will pay off approximately $91 million of outstanding indebtedness under Mohawk's revolving credit facility. The consummation of the sale of the notes is subject to customary conditions.

The notes have not been registered under the Securities Act of 1933, as amended, or any state securities laws. Unless so registered, the notes may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws, according to a company press release.

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