Completes Private Placement of $350 million of Senior Notes and
Reaffirms Q4 2016 Guidance
CHICAGO--(BUSINESS WIRE)--
Littelfuse,
Inc. (NASDAQ:LFUS) will provide an update to its long-term strategy
at its 2016 Analyst Day today in New York City. Today's presentation
will begin at 9:00 a.m. ET and will conclude by 12:00 p.m. ET. A webcast
of the presentation will be broadcast live and can be accessed through
the company's website: www.Littelfuse.com.
The webcast will be available for replay on the company's website until
March 31, 2017.
Ahead of today's meeting, Littelfuse announced that it has completed a
private placement of approximately $350 million of senior notes to
several institutional investors. The US dollar and Euro notes range from
five to twelve year maturities and have an average interest rate of
approximately 2.25%. "This transaction optimizes our debt maturity
profile, limits our interest rate exposure and provides long-term
financial flexibility for the execution of our strategy," said Meenal
Sethna, Chief Financial Officer.
Littelfuse intends to use the net proceeds from the offering of the
notes to reduce outstanding borrowings under its revolving credit
facility and for other general corporate purposes. The notes include $25
million of 3.03% Senior Notes due 2022, €117 million of 1.14% Senior
Notes due 2023, $125 million of 3.74% Senior Notes due 2027 and €95
million of 1.83% Senior Notes due 2028.
In addition, Littelfuse reaffirmed its previously issued guidance for
the fourth quarter of 2016:
-
Sales of $270 million to $280 million
-
Adjusted earnings of $1.45 to $1.59 per diluted share, excluding
special items.
-
Adjusted effective tax rate of 18% for the fourth quarter and full
year 2016.
Littelfuse provides guidance on a non-GAAP (adjusted) basis. GAAP
items excluded from guidance may include the after-tax impact of items
including acquisition and integration costs, impairment and severance
charges, foreign exchange adjustments and unusual gains and losses.
These items are uncertain, depend on various factors, and could be
material to results computed in accordance with GAAP. Littelfuse is
not able to forecast the excluded items in order to provide the most
directly comparable GAAP financial measure without unreasonable efforts.
The senior notes have not been and will not be registered under the
Securities Act of 1933, as amended, or any state securities laws and may
not be offered or sold in the United States or to any U.S. persons
absent registration or an applicable exemption from registration
requirements.
This press release shall not constitute an offer to sell nor the
solicitation of an offer to buy the notes or any other securities and
shall not constitute an offer, solicitation or sale in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful.
About Littelfuse
Founded in 1927, Littelfuse is the world leader in circuit protection
with growing global platforms in power control and sensing. The company
serves customers in the electronics, automotive and industrial markets
with technologies including fuses, semiconductors, polymers, ceramics,
relays and sensors. Littelfuse has over 10,000 employees in more than 40
locations throughout the Americas, Europe and Asia. For more
information, please visit the Littelfuse website: Littelfuse.com.
LFUS-F
View source version on businesswire.com: http://www.businesswire.com/news/home/20161209005050/en/
Littelfuse, Inc.
Meenal Sethna
Executive Vice
President and CFO
(773) 628-0616
Source: Littelfuse, Inc.
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