Plantronics Plans $500 Mln Senior Notes Offering

(RTTNews) - Plantronics, Inc. (PLT) said Monday that it plans to offer $500 million aggregate principal amount of senior notes due 2023.

In connection with the notes offering, the company has entered into an amended and restated senior credit facility to, among other things, reduce the commitments under its existing senior credit facility from $200 million to $100 million in aggregate principal amount and to permit the issuance of the Notes. The amended and restated senior credit facility will become effective concurrently with the closing of the Notes.

Plantronics said it plans to use about $151 million of the net proceeds from the offering, together with cash on hand, to repay all outstanding amounts under its senior credit facility. The company plans to use the remaining net proceeds from the offering for share repurchases and general corporate purposes.