UL Solutions secures $300m in latest senior notes offering

UL Solutions secures $300m in latest senior notes offering

UL Solutions, a global frontrunner in applied safety science, announced today its decision to price a private offering of senior notes.

The company has successfully priced an offering worth $300m of 6.500% senior notes, set to mature in 2028. This arrangement has been secured with the backing of its entirely owned subsidiary, UL LLC.

Diving deeper into UL Solutions’ operations, the firm stands tall as a beacon in safety, security, and sustainability challenges across over 100 countries. They offer an array of services including testing, inspection, certification, software products, and advisory offerings. Moreover, their UL Certification Marks have grown synonymous with trust, reflecting the firm’s unwavering dedication to its safety mission.

With the newly acquired funds, UL Solutions plans to use the cash proceeds, in conjunction with its credit facility and existing cash, to fund a generous $600m special dividend to UL Standards & Engagement. This entity, being the only stockholder of the company, is a nonprofit organisation that champions safety science through various channels like standards development and partnerships.

The notes have been detailed to pay interest semiannually, commencing from April 20, 2024, and have provisions for redemption both before and after September 20, 2028. The expected date of the offering’s closure is pinned around October 20, 2023, hinging on market dynamics and other standard closing conditions.

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