On August 19, 2026, aerospace and industrial controls maker Woodward, Inc. signed a note purchase agreement to raise $450 million through a private placement of senior unsecured notes, split evenly into three $150 million tranches maturing September 30 of 2029, 2030, and 2033, with fixed interest rates of 5.34%, 5.39%, and 5.64%. The sale is expected to close on September 30, 2026, with two wholly owned subsidiaries guaranteeing the debt. One detail worth noting: if Woodward's debt-to-EBITDA ratio ends any quarter above 3.5x, the rate on all three series automatically steps up by 0.75 percentage points.
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