Acuity Brands plans $400M unsecured debt offering

AP News
Posted: Dec 01, 2009 11:49 AM

Lighting-equipment maker Acuity Brands Inc. said on Tuesday that its lighting subsidiary would offer $400 million in senior unsecured notes due in 2019, mostly to refinance other debt.

Proceeds from the offering by Acuity Brands Lighting Inc. will be used for a cash tender offer of all of its outstanding 8.375 percent notes due in 2010, and to repay an unsecured promissory note issued to the former owner of Sensor Switch Inc., which Acuity Brands Lighting bought earlier this year. The company said it would use any remaining money for general corporate purposes.

Acuity brands shares rose 12 cents to $32.40 in morning trading.