What was the interest rate for The Standardx's 2023 Fixed Rate Notes?
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.
Source: Item 10 — OTHER ASSETS (FDD pages 132–156)
What This Means (2025 FDD)
According to The Standardx's 2025 Franchise Disclosure Document, the company issued $700 million of 1.300% senior notes due in 2023, referred to as the "2023 Fixed Rate Notes." Additionally, The Standardx issued $300 million of floating rate senior notes due 2023, called the "2023 Floating Rate Notes."
In 2023, The Standardx also issued $600 million of 5.750% senior notes due 2027. The proceeds from these notes, along with cash on hand, were used to repay the outstanding balance on the 2023 Fixed Rate Notes. This indicates that The Standardx manages its debt portfolio through issuing new notes and using the funds to cover existing obligations.
During 2023, The Standardx repaid the 2023 Fixed Rate Notes, which had an outstanding balance of $638 million, at maturity for approximately $642 million, including $4 million of accrued interest. The Standardx also repurchased approximately $18 million of the principal on these notes in the open market. This demonstrates The Standardx's active management of its debt, including repaying notes at maturity and repurchasing them on the open market.