Stagwell Raises $1B Via Institutional Offering Of Senior Notes For Debt Refinancing

Stagwell Inc STGW subsidiary Midas OpCo Holdings LLC priced $1.0 billion 5.625% senior unsecured notes in a private institutional offering.
The notes will pay interest semi-annually at 5.625% per year and will mature on Aug. 15, 2029.
The offering proceeds will help repay the $870.3 million 7.50% senior notes due 2024 and for general corporate purposes.
Stagwell held $184.3 million in long-term debt as of Jun. 30.
Price Action: STGW shares traded lower by 2.27% at $6.45 on the last check Friday.