ASGN Inc. has announced it priced an offering of $550 million in aggregate principal amount of senior notes due 2028.
The notes will have an annual interest rate of 4.625% and are issued at a price equal to their full face value. The notes will be guaranteed by certain of ASGN’s existing and future domestic restricted subsidiaries and will be senior unsecured obligations of ASGN.
ASGN has several uses in mind for the notes. The company announced it plans to use the net proceeds to repay all amounts outstanding under its Revolving Credit Facility (currently $26 million). It will also repay all amounts outstanding under its Term Loan Facility due 2022.
The company also said it plans to repay a portion of the amount outstanding under its Term Loan Facility due 2025 and to pay fees and expenses related to the offering of notes and related activities.
Under Rule 144A under the Securities Act of 1933, the notes will be offered and sold in the United States only to qualified institutional buyers. They will also be available to non-U.S. persons in transactions outside the United States pursuant to Regulation S under the Securities Act.