Wabtec Prices $500 Million Of 5.900% Notes Due 2037 To Repay Debt Coming Due This Month
The 2037 notes, plus credit-line and commercial paper borrowings, will retire 3.450% notes that mature November 15.
Wabtec, the rail equipment maker, priced a $500 million offering of 5.900% senior notes due 2037 on Monday, with the money earmarked to pay off older 3.450% notes that mature November 15, the company disclosed in an 8-K filed Tuesday.
Terms of the new notes
The notes carry a 5.900% coupon, paid semi-annually in arrears, and mature on February 25, 2037 unless Wabtec redeems or repurchases them sooner, according to the company's press release.
Each current and future subsidiary that guarantees Wabtec's debt under its credit agreements, or any other debt of Wabtec or another guarantor, will guarantee the notes too.
The sale is expected to close on Wednesday, November 4. BofA Securities, Citigroup Global Markets, PNC Capital Markets and TD Securities are joint book-running managers. The offering runs under a shelf registration the company filed with the SEC on October 21, 2026.
Paying off the 3.450% notes
Wabtec said it will combine the net proceeds with borrowings under its revolving credit facilities, short-term facilities and/or commercial paper issuances to repay its 3.450% senior notes due 2026 at maturity on November 15, 2026. The new notes carry a higher coupon than the ones they help retire.
The company said the release is not a notice of redemption or an offer to buy the 2026 notes, so they stay outstanding until their maturity date.
A rail supplier's balance sheet
Wabtec makes locomotives, equipment, systems and services for freight railroads and passenger transit, and also serves mining, marine and industrial markets. In 2025, according to its annual report, its Freight segment accounted for about 72% of net sales and its Transit segment about 28%.
The company had about 31,000 employees as of December 31, 2025, and operations in over 50 countries.
The offering is slated to close Wednesday, and the 3.450% notes come due November 15.
Sources
- 8-K Filing — WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB) — SEC EDGAR
- Exhibit ef20084613_ex99-1.htm — WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP 8-K exhibit — SEC EDGAR
