THOR Industries Announces Closing of $ 500 Million Senior Unsecured Notes


Posted: October 14, 2021 at 4:27 p.m. CDT|Update: 3 hours ago

ELKHART, Ind., October 14, 2021 / PRNewswire / – THOR Industries, Inc. (NYSE: THO) (the “Company” or “THOR”) today announced the closing of October 14, 2021 of its previously announced offer of $ 500 million total principal amount of 4.000% of the Senior Notes due 2029 (the “Notes”). The size of the offer has been increased from the size of the previously announced offer of $ 400 million total principal amount of tickets. The notes will expire on October 15, 2029.

The Company also announced that the October 14, 2021, with the proceeds of the offer as well as the cash on hand, he reimbursed $ 500 million outstanding borrowings on its revolving asset-based credit facility and has paid certain transaction costs.

“With the closing of this note transaction, we continue to refine and optimize our capital structure. This financing supports our strategic objectives, while extending maturities and improving liquidity. We remain committed to our priorities in previously communicated capital allocation, including reinvestment in the business, paying down debt, increasing our dividend and opportunistically pursuing strategic initiatives and share buybacks, ”said Colleen Zuhl, Senior Vice President and Chief Financial Officer of THOR Industries.

“We are very optimistic about our future and the future of the RV industry. As we grow and mature, our debt structure also matures. provide us with significant flexibility and liquidity going forward, ”said Bob martin, President and CEO of THOR Industries.

The Securities and related collateral have been offered only to persons considered to be qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”), and to persons not. American in the context of transactions outside 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 United States the lack of 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 Tickets, and there will be no sale of the Tickets, in any jurisdiction in which such an offer or sale would be illegal prior to ‘registration or qualification under the securities laws of such jurisdiction.

About THOR Industries, Inc.
THOR Industries is the sole owner of operating subsidiaries which, combined, represent the world’s largest manufacturer of recreational vehicles.

Forward-looking statements
This press release includes certain statements that are “forward-looking” statements within the meaning of the United States 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 based on management’s current expectations and beliefs regarding future and anticipated developments and their effects on THOR, and inherently involve uncertainties and risks. These forward-looking statements are not guarantees of future performance. We cannot assure you that actual results will not differ materially from our expectations. Factors that could lead to significantly different results include, among others: the extent and impact of the continuing COVID-19 pandemic, as well as responses to contain the spread of the virus, or its variants, by various government entities or other actors, which may adversely affect demand from retail customers, our independent resellers, our supply chain, our workforce, our production or other aspects of our business; the ability to rapidly increase or decrease production in response to rapid changes in demand while managing costs and market share; the effect of fluctuations in the prices of raw materials and raw materials, and / or constraints on the supply of raw materials, raw materials or chassis; dependence on a small group of suppliers for certain components used in production; the level and extent of warranty and recall claims incurred; the ability of our suppliers to financially bear any defect in their products; legislative, regulatory and fiscal and / or policy developments, including their potential impact on our resellers and their retail customers or on our suppliers; the costs of complying with government regulations; public perception and costs related to environmental, social and governance issues; legal and compliance issues, including those that may arise in connection with recently concluded transactions; declining consumer confidence and the level of discretionary consumer spending; fluctuations in interest rates and their potential impact on the economy in general and, in particular, on our resellers and consumers; the impact of exchange rate fluctuations; restrictive lending practices that could negatively impact our independent resellers 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 use existing production facilities; changes in consumer preferences; risks associated with acquisitions, including: the pace and successful closing of an acquisition, its integration and financial impact, the level of achievement of operational synergies expected from the acquisitions, the potential for unknown or underestimated liabilities related to the acquisitions , the potential loss of existing customers from acquisitions and our ability to retain key management personnel of acquired companies; a shortage of production personnel and increased labor costs to attract production personnel in times of high demand; loss or reduction of sales to key dealers; interruption of the delivery of units to dealers; increased freight and transport costs; asset impairment charges; competetion; the impact of potential losses under repurchase agreements; the potential impact of the strength of the US dollar on international demand for US dollar denominated products; the economic, commercial and general political conditions in the various countries in which our products are manufactured and / or sold; the impact of changing emissions and other regulations related to climate change in the various jurisdictions in which our products are manufactured, used and / or sold; changes in 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 affect our access to future financing and the cost of debt.

We disclaim any obligation or commitment to release any update or revision to any forward-looking statement contained in this press release or to reflect any change in our expectations after the date hereof or any change in the events, conditions or circumstances about which a statement is made. based, unless required by law.

Marc Trinske, Vice President of Investor Relations
[email protected]
(574) 970-7912

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SOURCE THOR Industries, Inc.

The above press release has been provided courtesy of PRNewswire. The views, opinions and statements contained in the press release are not endorsed by Gray Media Group and do not necessarily state or reflect those of Gray Media Group, Inc.


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