MGPI - MGP Ingredients raises $175M through convertible senior notes due 2041

MGP Ingredients (NASDAQ:MGPI) has priced its offering of $175M of 1.875% convertible senior unsecured notes due November 15, 2041. The offering is expected to close on November 16, 2021. Initial purchasers granted an option to purchase up to an additional $26,.25M of the notes. Interest on notes will be payable semi-annually in arrears on May 15 and November 15 of each year, beginning on May 15, 2022. The company estimates that the net proceeds from the offering will be approximately $169.3M, or approximately $194.8M if the initial purchasers fully exercise their option in full. Net proceeds will be used to reduce the outstanding balance of revolving credit facility.

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MGP Ingredients raises $175M through convertible senior notes due 2041