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Gates Industrial Corporation plc - $GTES STOCK NEWS

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Gates Industrial (NYSE: GTES) announced the pricing of $500 million in 6.875% Senior Notes due 2029.

The notes will be guaranteed by Gates Industrial Holdco and other subsidiaries. The offering is expected to be completed on June 4, 2024, subject to customary closing conditions.

The proceeds will be used to refinance existing debts.

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Denver, May 22, 2024 — Gates Industrial (NYSE: GTES) announced its plan to offer $500 million in Senior Notes due 2029 through its subsidiary, Gates These notes will be guaranteed by Gates Industrial Holdco and certain other subsidiaries. The proceeds, in combination with new term loans and cash on hand, will be used to refinance existing debt. The notes are not registered under the Securities Act of 1933 and will be offered only to qualified institutional buyers and in transactions outside the U.S. under Regulation S. This announcement is not an offer or solicitation to sell or buy any securities.

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On May 16, 2024, Gates Industrial (NYSE: GTES) announced the pricing of a secondary offering of 17,500,000 ordinary shares by selling stockholders affiliated with Blackstone Inc. The sellers have also provided underwriters a 30-day option to purchase an additional 2,625,000 shares. The shares may be sold through various transactions, including on the NYSE and over-the-counter markets, at prevailing market prices or negotiated prices. The offering is expected to close on May 21, 2024, subject to customary conditions. Gates will not receive any proceeds from the offering. Citigroup, Goldman Sachs & Co. , and Jefferies are the joint lead managers. Further details and documents can be accessed through the SEC website.

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Gates Industrial (NYSE: GTES) has announced a secondary offering of 17,500,000 ordinary shares, initiated by selling stockholders affiliated with Blackstone. The selling stockholders have also granted underwriters a 30-day option to purchase an additional 2,625,000 shares. Gates itself will not offer any shares nor receive any proceeds from the sale. Citigroup, Goldman Sachs, and Jefferies are leading the offering. A registration statement has been filed with the SEC for the offering. Interested investors should refer to the prospectus available on the SEC's EDGAR website.

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Gates Industrial plc (NYSE:GTES) reported first-quarter 2024 financial results with net sales of $862.6 million, a 3.9% decrease from the prior year, including a core revenue decline of 3.6%. Net income was $40.0 million, with adjusted net income per diluted share of $0.31. Adjusted EBITDA was $195.6 million, and the company raised its full-year 2024 Adjusted EBITDA guidance. The Power Transmission segment saw a net sales decrease of 2.8%, while the Fluid Power segment had a net sales decrease of 5.7%. The company repaid debt and repurchased shares.

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Gates Industrial plc (GTES) will release its first-quarter earnings on May 1, 2024, followed by a conference call to discuss financial results. Investors can access the call through various channels and an audio replay will be available.
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Gates Industrial Corporation plc (NYSE: GTES) invites investors to its Capital Markets Day to discuss strategic priorities, growth opportunities, and financial performance.
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Global Tech Solutions (GTES) announces a strategic partnership with a leading pharmaceutical company to develop innovative healthcare solutions.
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GTES introduces a new high-pressure hose that enhances ergonomics, productivity, and safety, offering a lighter and more flexible design.
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Gates Industrial Corporation plc (GTES) CEO, Ivo Jurek, to participate in fireside chats at investor conferences. Live webcasts available on Gates Investor Relations website.
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Gates Industrial Corporation plc

NYSE:GTES

GTES Rankings

GTES Stock Data

4.55B
189.60M
0.58%
92.98%
2.99%
Mechanical Power Transmission Equipment Manufacturing
Manufacturing
Link
United States of America
DENVER

About GTES

gates is the world’s leading manufacturer of power transmission belts and a premier global manufacturer of fluid power products. our highly engineered products are critical components used in diverse industrial and automotive applications where the cost of failure is very high relative to the cost of our products. we provide a differentiated value proposition to our customers by offering a complete portfolio of premium product and service solutions for both replacement and first-fit applications across our targeted end markets, which encompass process and specialty, construction, agriculture, energy, transportation and automotive. we sell our products globally under the gates brand, which is recognized by distributors, original equipment manufacturers and installers as the premium brand for quality and technological innovation, a reputation which we have built for over a century since our founding in 1911. if it moves you, there’s a good chance gates has a part in it. gates. powering