ELKHART, Ind., Oct. 4, 2021 /PRNewswire/ -- THOR Industries,
Inc. (NYSE: THO) ("Company" or "THOR") today announced its
intention to offer, subject to market and other conditions,
$400 million aggregate principal
amount of Senior Unsecured Notes due 2029 (the "Notes"). The
Company intends to use the net proceeds from the offering, together
with cash on hand, to repay a portion of the borrowings outstanding
on its asset based revolving credit facility and for the payment of
fees and expenses.
The Notes will rank equally in right of payment with all of
THOR's existing and future senior indebtedness and senior to THOR's
future subordinated indebtedness. The Notes will be effectively
junior in right of payment to THOR's existing and future secured
indebtedness to the extent of the assets securing such
indebtedness.
The Notes and related guarantees will be offered only to persons
believed to be qualified institutional buyers under Rule 144A of
the Securities Act of 1933, as amended (the "Securities Act"), and
to non-U.S. persons in transactions outside the United States under Regulation S of the
Securities Act. The Notes have not been registered under the
Securities Act, and, unless so registered, may not be offered or
sold in the United States absent
registration or an applicable exemption from the registration
requirements of the Securities Act and other applicable securities
laws.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the Notes, and there will not be
any sale of the Notes, in any jurisdiction in which such offer or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction.
About THOR Industries, Inc.
THOR Industries is
the sole owner of operating subsidiaries that, combined, represent
the world's largest manufacturer of recreational vehicles.
Forward-Looking Statements
This release includes
certain statements that are "forward-looking" statements within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements are made based on management's current expectations and
beliefs regarding future and anticipated developments and their
effects upon THOR, and inherently involve uncertainties and risks.
These forward-looking statements are not a guarantee of future
performance. We cannot assure you that actual results will not
differ materially from our expectations. Factors which could cause
materially different results include, among others: the extent and
impact from the continuation of the COVID-19 pandemic, along with
the responses to contain the spread of the virus, or its variants,
by various governmental entities or other actors, which may have
negative effects on retail customer demand, our independent
dealers, our supply chain, our labor force, our production or other
aspects of our business; the ability to ramp production up or down
quickly in response to rapid changes in demand while also managing
costs and market share; the effect of raw material and commodity
price fluctuations, and/or raw material, commodity or chassis
supply constraints; the dependence on a small group of suppliers
for certain components used in production; the level and magnitude
of warranty and recall claims incurred; the ability of our
suppliers to financially support any defects in their products;
legislative, regulatory and tax law and/or policy developments
including their potential impact on our dealers and their retail
customers or on our suppliers; the costs of compliance with
governmental regulation; public perception of and the costs related
to environmental, social and governance matters; legal and
compliance issues including those that may arise in conjunction
with recently completed transactions; lower consumer confidence and
the level of discretionary consumer spending; interest rate
fluctuations and their potential impact on the general economy and,
specifically, on our dealers and consumers; the impact of exchange
rate fluctuations; restrictive lending practices which could
negatively impact our independent dealers and/or retail consumers;
management changes; the success of new and existing products and
services; the ability to maintain strong brands and develop
innovative products that meet consumer demands; the ability to
efficiently utilize existing production facilities; changes in
consumer preferences; the risks associated with acquisitions,
including: the pace and successful closing of an acquisition, the
integration and financial impact thereof, the level of achievement
of anticipated operating synergies from acquisitions, the potential
for unknown or understated liabilities related to acquisitions, the
potential loss of existing customers of acquisitions and our
ability to retain key management personnel of acquired companies; a
shortage of necessary personnel for production and increasing labor
costs to attract production personnel in times of high demand; the
loss or reduction of sales to key dealers; disruption of the
delivery of units to dealers; increasing costs for freight and
transportation; asset impairment charges; competition; the impact
of potential losses under repurchase agreements; the potential
impact of the strength of the U.S. dollar on international demand
for products priced in U.S. dollars; general economic, market and
political conditions in the various countries in which our products
are produced and/or sold; the impact of changing emissions and
other related climate change regulations in the various
jurisdictions in which our products are produced, used and/or sold;
changes to our investment and capital allocation strategies or
other facets of our strategic plan; and changes in market liquidity
conditions, credit ratings and other factors that may impact our
access to future funding and the cost of debt.
We disclaim any obligation or undertaking to disseminate any
updates or revisions to any forward-looking statements contained in
this release or to reflect any change in our expectations after the
date hereof or any change in events, conditions or circumstances on
which any statement is based, except as required by law.
Contact
Mark Trinske, Vice President of
Investor Relations
mtrinske@thorindustries.com
(574) 970-7912
View original
content:https://www.prnewswire.com/news-releases/thor-industries-announces-offering-of-400-million-of-senior-unsecured-notes-due-2029-301391741.html
SOURCE THOR Industries, Inc.