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

Core & Main, Inc. (NYSE: CNM) has priced an offering of $750 million in aggregate principal amount of 6.000% Senior Notes due 2034, according to a press release from the St. Louis-based company.

The notes are being issued by Core & Main LP, an indirect wholly-owned subsidiary. The closing of the offering is expected to occur on or about July 1, 2026, subject to customary closing conditions.

The company said it 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, mergers and acquisitions, and share repurchases.

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

The notes were 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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