Core & Main launches $750M senior notes offering due 2034

Core & Main, Inc. (NYSE: CNM) announced the launch of an offering of $750 million in aggregate principal amount of senior notes due 2034, to be issued by its indirect wholly-owned subsidiary, Core & Main LP.

According to a press release, the company expects to use the net proceeds to prepay a portion of its existing senior term loan due July 27, 2028, and for general corporate purposes, including organic growth initiatives, mergers and acquisitions, and share repurchases.

The notes will be guaranteed on an unsecured senior basis by Core & Main's direct parent companies, Core & Main Midco, LLC and Core & Main Intermediate GP, LLC, as well as any future wholly-owned domestic subsidiaries that serve as borrowers or guarantors under Core & Main's existing senior secured credit facilities.

The notes are being offered to qualified institutional buyers under Rule 144A of the Securities Act of 1933 and outside the United States under Regulation S. The notes and related guarantees have not been registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption.

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