What was the amount of the 2023 Fixed Rate Notes issued by The Standardx?
The_Standardx Franchise · 2025 FDDAnswer from 2025 FDD Document
on of 5.750% senior notes due 2030 (the "2030 Notes").
- In 2021, we issued $700 million of 1.300% senior notes due 2023 at an issue price of 99.941% (the "2023 Fixed Rate Notes"), $300 million of floating rate senior notes due 2023 (the "2023 Floating Rate Notes"), and $750 million of 1.800% senior notes due 2024 at an issue price of 99.994% (the "2024 Fixed Rate Notes").
- In 2023, we issued $600 million of 5.750% senior notes due 2027 at an issue price of 99.975% (the "2027 Notes"). We received approximately $596 million of net proceeds from the sale, after deducting $4 million of underwriting discounts and other offering expenses. We used the net proceeds from the senior notes issuance, together with cash on hand, to repay the outstanding balance on the 2023 Fixed Rate Notes, as described below.
- In 2024, we issued an aggregate $600 million of 5.250% senior notes due 2029 at an aggregate issue price of 99.693% (the "2029 Notes"), $450 million of 5.375% senior notes due 2031 at an issue price of 99.745% (the "2031 Notes"), and $350 million of 5.500% senior notes due 2034 at an issue price of 98.860% (the "2034 Notes"). We received approximately $1,380 million of net proceeds, after deducting $20 million of underwriting discounts and other offering expenses. We used the net proceeds from a portion of 2029 Notes and the 2034 Notes to repay the outstanding balance on the 2024 Fixed Rate Notes, as described below.
Source: Item 10 — OTHER ASSETS (FDD pages 132–156)
What This Means (2025 FDD)
According to The Standardx's 2025 Franchise Disclosure Document, in 2021, The Standardx issued $700 million of 1.300% senior notes due 2023, referred to as the "2023 Fixed Rate Notes", at an issue price of 99.941%.
In 2023, The Standardx issued $600 million of 5.750% senior notes due 2027 at an issue price of 99.975% which were used to repay the outstanding balance on the 2023 Fixed Rate Notes. During the year ended December 31, 2023, The Standardx repaid the 2023 Fixed Rate Notes, of which there was $638 million outstanding, at maturity for approximately $642 million, inclusive of $4 million of accrued interest. Additionally, The Standardx repurchased approximately $18 million of principal on the 2023 Fixed Rate Notes in the open market.
In 2022, The Standardx also paid approximately $58 million to repurchase $44 million of principal on the 2023 Fixed Rate Notes. These transactions reflect The Standardx's management of its debt obligations through issuance of new notes, repayment of existing notes at maturity, and strategic repurchases in the open market.