Summary
Amphenol Corporation (APH) has announced the establishment of a new commercial paper program, effective September 3, 2014. This program allows the company to issue short-term unsecured promissory notes, known as commercial paper, with a maximum aggregate principal amount of $1.5 billion outstanding at any given time. These notes are intended to be used for general corporate purposes and are being issued under exemptions from standard registration requirements. The company has secured commitments from Citibank Global Markets Inc. and JP Morgan Securities LLC to act as dealers for this program. To provide a liquidity backstop, Amphenol can also draw upon its existing $1.5 billion revolving credit facility, which matures in July 2018. This move indicates proactive treasury management by Amphenol to ensure access to short-term funding.
Key Highlights
- 1Establishment of a new $1.5 billion commercial paper program for issuing short-term unsecured notes.
- 2Commercial paper notes can have maturities of up to 397 days.
- 3Proceeds from the program are intended for general corporate purposes.
- 4Citibank Global Markets Inc. and JP Morgan Securities LLC are appointed as dealers for the program.
- 5The existing $1.5 billion revolving credit facility (expiring July 2018) serves as a backstop for repaying commercial paper.
- 6The program utilizes exemptions from the Securities Act of 1933 for issuance.
- 7No new financial statements or specific financial details beyond the program's size were provided in this filing.