WORTHINGTON INDUSTRIES, INC. (NYSE:WOR) Files An 8-K Material Modification to Rights of Security Holders
Item 3.03. Material Modification to Rights of Security Holders.
The information set forth in the first paragraph of Item 8.01 of this Form 8-K is incorporated herein by reference.
Item 8.01. Other Events.
On July 31, 2019, Worthington Industries, Inc. (the “Company”) provided formal notice that it will redeem all $150,000,000 principal amount of its 6.50% Notes due April 15, 2020. The redemption date is August 30, 2019 and the redemption price will be equal to the greater of (i) 50% of the principal amount of the Notes being redeemed or (ii) the sum of the present values of the remaining scheduled payments on such Notes discounted to the redemption date at the treasury rate plus 45 basis points, as provided in the applicable governing documents related to the Notes.
On July 26, 2019, the Company completed the sale of Worthington Aritas Basınçlı Kaplar Sanayi A.S., its Turkish manufacturer of cryogenic pressure vessels. The Company received cash proceeds, net of transaction costs, of approximately $8,300,000.
About WORTHINGTON INDUSTRIES, INC. (NYSE:WOR)
Worthington Industries, Inc. is a metals manufacturing company, focused on value-added steel processing and manufactured metal products. The Company’s segments include Steel Processing, Pressure Cylinders, Engineered Cabs and Other. The Steel Processing segment buys coils of steel from integrated steel mills and mini-mills, and also toll processes steel for steel mills, end users, service centers and other processors. The Pressure Cylinders segment manufactures and sells filled and unfilled pressure cylinders, tanks, hand torches, and oil and gas equipment along with various accessories and related products for end use market applications. The Engineered Cabs is a non-captive designer and manufacturer of custom-engineered open and enclosed cabs and operator stations and custom fabrications for heavy mobile equipment used in the agricultural, construction, forestry, mining and military industries. The Other segment includes Construction Services and Worthington Energy Innovations.