Debt ManagementDebt refinancing another small step in the right direction, with transactions being leverage neutral, extending debt maturity, and reducing interest expense.
Debt ReductionManagement reiterated that 'debt reduction remains a high priority' and the company has paid down almost $400m of debt over the last twelve quarters.
Debt Refinancing StrategyThe company plans to use the net proceeds from the notes and term loan add-on to redeem all the outstanding 6.50% senior notes due 2027, repay amounts due on the revolving credit facility, and other general corporate purposes.