The ¥12.6 billion offering consists of Series W 0.99% senior notes due in 2031, which are slated for issue Sept. 25. The York, Pa.-based dental products giant said it plans to use the proceeds to refinance existing debt and for general corporate purposes.
The flotation’s covenants include a requirements that Dentsply Sirona keep its leverage ratio to 0.60 to 1.00 as of the last day of any fiscal quarter and an interest coverage ratio of not less than 3.00 to 1.00 for any four consecutive fiscal quarters.
Interest payments are slated for March 25 and Sept. 25 each year beginning in 2020, computed using a 360-day year of twelve 30-day months, the company said.
($1 = ¥107.815)