Unisys Announces Closing of $700 Million Private Offering of Senior Secured Notes; Net Proceeds to Be Used to Refinance Existing Notes and Partially Fund U.S. Pension Plan
Unisys (NYSE:UIS) has successfully closed a $700 million private offering of Senior Secured Notes due 2031 with a 10.625% interest rate. The company plans to use the proceeds, along with cash on hand, to refinance its existing 6.875% senior secured notes due 2027, fund a portion of its U.S. pension deficit and postretirement liabilities, and support general corporate purposes.
The new notes are guaranteed by Unisys's material domestic subsidiaries and secured by liens on substantially all assets. Additionally, Unisys has amended its Asset-Based Lending (ABL) credit facility, maintaining it at $125 million with an uncommitted accordion feature allowing an increase to $155 million, while extending its maturity from October 2027 to June 2030.
Unisys (NYSE:UIS) ha concluso con successo un'offerta privata di Senior Secured Notes da 700 milioni di dollari con scadenza 2031 e un tasso di interesse del 10,625%. La società intende utilizzare i proventi, insieme alla liquidità disponibile, per rifinanziare i suoi attuali Senior Secured Notes al 6,875% in scadenza nel 2027, finanziare una parte del deficit pensionistico statunitense e delle passività post-pensionamento, oltre a sostenere scopi aziendali generali.
Le nuove obbligazioni sono garantite dalle principali controllate nazionali di Unisys e assicurate da vincoli su quasi tutti gli asset. Inoltre, Unisys ha modificato la sua linea di credito Asset-Based Lending (ABL), mantenendola a 125 milioni di dollari con una clausola non vincolante che permette un aumento fino a 155 milioni, estendendo la scadenza da ottobre 2027 a giugno 2030.
Unisys (NYSE:UIS) ha cerrado con éxito una oferta privada de Notas Senior Garantizadas por 700 millones de dólares con vencimiento en 2031 y una tasa de interés del 10.625%. La compañía planea usar los ingresos, junto con el efectivo disponible, para refinanciar sus notas senior garantizadas al 6.875% que vencen en 2027, financiar una parte de su déficit de pensiones y pasivos post-jubilación en EE.UU., y apoyar propósitos corporativos generales.
Las nuevas notas están garantizadas por las subsidiarias nacionales importantes de Unisys y aseguradas con gravámenes sobre prácticamente todos los activos. Además, Unisys ha modificado su línea de crédito Asset-Based Lending (ABL), manteniéndola en 125 millones de dólares con una cláusula no comprometida que permite aumentarla hasta 155 millones, extendiendo su vencimiento de octubre de 2027 a junio de 2030.
Unisys (NYSE:UIS)는 만기 2031년, 이자율 10.625%의 7억 달러 규모의 선순위 담보 채권(private offering of Senior Secured Notes) 발행을 성공적으로 마무리했습니다. 회사는 이번 조달 자금과 현금을 활용해 2027년 만기인 기존 6.875% 선순위 담보 채권을 재융자하고, 미국 연금 적자 및 퇴직 후 부채 일부를 충당하며, 일반 기업 목적을 지원할 계획입니다.
새 채권은 Unisys의 주요 국내 자회사가 보증하며, 거의 모든 자산에 대한 담보권 설정으로 보장됩니다. 또한, Unisys는 자산 기반 대출(ABL) 신용 시설을 1억 2500만 달러로 유지하면서, 비구속적 확장 조항을 통해 최대 1억 5500만 달러까지 증액 가능하도록 변경했으며, 만기는 2027년 10월에서 2030년 6월로 연장했습니다.
Unisys (NYSE:UIS) a réussi à clôturer une offre privée de Senior Secured Notes de 700 millions de dollars arrivant à échéance en 2031 avec un taux d'intérêt de 10,625%. La société prévoit d'utiliser les fonds levés, ainsi que sa trésorerie disponible, pour refinancer ses Senior Secured Notes existantes à 6,875% arrivant à échéance en 2027, financer une partie de son déficit de retraite et de ses passifs post-retraite aux États-Unis, et soutenir ses besoins généraux d'entreprise.
Les nouvelles obligations sont garanties par les principales filiales nationales d'Unisys et sécurisées par des privilèges sur quasiment tous les actifs. Par ailleurs, Unisys a modifié sa facilité de crédit Asset-Based Lending (ABL), la maintenant à 125 millions de dollars avec une option d'extension non engagée permettant d'augmenter jusqu'à 155 millions, tout en prolongeant sa maturité d'octobre 2027 à juin 2030.
Unisys (NYSE:UIS) hat erfolgreich eine private Platzierung von Senior Secured Notes in Höhe von 700 Millionen US-Dollar mit Fälligkeit 2031 und einem Zinssatz von 10,625% abgeschlossen. Das Unternehmen plant, die Erlöse zusammen mit vorhandenen Barmitteln zu verwenden, um seine bestehenden Senior Secured Notes mit 6,875% Zinsen und Fälligkeit 2027 zu refinanzieren, einen Teil seines US-Pensionsdefizits und der nachberuflichen Verbindlichkeiten zu finanzieren sowie allgemeine Unternehmenszwecke zu unterstützen.
Die neuen Notes werden von den wesentlichen inländischen Tochtergesellschaften von Unisys garantiert und durch Pfandrechte auf nahezu alle Vermögenswerte gesichert. Darüber hinaus hat Unisys seine Asset-Based Lending (ABL)-Kreditfazilität angepasst, diese bei 125 Millionen US-Dollar belassen und eine unverbindliche Erweiterungsoption auf 155 Millionen US-Dollar eingeführt sowie die Laufzeit von Oktober 2027 auf Juni 2030 verlängert.
- Successful refinancing of existing debt with longer maturity (2031)
- Extension of ABL credit facility maturity to June 2030
- Strategic funding of long-term pension deficit and postretirement liabilities
- Maintenance of $125M ABL facility with potential increase to $155M
- Higher interest rate on new notes (10.625%) compared to existing notes (6.875%)
- Increased debt service costs due to higher interest rate
- Significant long-term debt commitment of $700M
Insights
Unisys significantly restructures its debt with higher-interest notes while addressing pension obligations, a necessary but costly financial move.
Unisys has completed a
The substantial increase in interest rate—from
On the positive side, the company has successfully extended its debt maturity profile from 2027 to 2031, providing additional financial runway. Simultaneously, Unisys amended its Asset-Based Lending facility, maintaining the
The partial funding of pension obligations is strategically important as underfunded pension liabilities represent significant off-balance-sheet obligations that can constrain financial flexibility. By addressing these obligations now, management is taking a proactive approach to long-term liability management, though at a substantial cost given the high interest rate.
The comprehensive security package backing these notes—including guarantees from material domestic subsidiaries and liens on substantially all assets—suggests lenders required significant protection, indicating some underlying concerns about the company's financial position or future prospects.
"This closing of Senior Secured Notes offering is a significant milestone for Unisys, as it allows us to refinance our Existing Notes, partially fund our
The Senior Secured Notes are guaranteed on a senior secured basis by material domestic subsidiaries of Unisys (the "subsidiary guarantors") on the issue date and, in the future, will be guaranteed by each
The Senior Secured Notes have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in
The Tender Offer and Consent Solicitation is subject to the satisfaction or waiver of various conditions, including the consummation of the offering of Senior Secured Notes, with net proceeds in an amount that, together with cash on hand, is sufficient to consummate the Tender Offer and Consent Solicitation, and other customary conditions.
This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
This press release is not an offer to purchase, or soliciting consent with respect to, any of the Existing Notes. Any such offer or solicitation is made exclusively by, and subject to the conditions set forth in, the offer to purchase and consent solicitation statement.
Unisys also entered into an amendment to its secured ABL credit facility that maintains the ABL credit facility at
About Unisys
Unisys is a global technology solutions company that powers breakthroughs for the world's leading organizations. Our solutions – cloud, AI, digital workplace, logistics and enterprise computing – help our clients challenge the status quo and unlock their full potential. To learn how we have been helping clients push what's possible for more than 150 years, visit unisys.com and follow us on LinkedIn.
Forward-Looking Statements
Any statements contained in this release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding the completion by Unisys of the offering and the Tender Offer and Consent Solicitation and the anticipated use of proceeds by Unisys. These forward-looking statements are based on current assumptions, expectations and beliefs of Unisys and involve substantial risks and uncertainties that may cause actual results and the timing of events to materially differ from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, risks related to market and other general economic conditions, the ability of Unisys to meet the closing conditions required for the consummation of the Tender Offer and Consent Solicitation and other risks detailed in filings Unisys makes with the SEC from time to time, including under the heading "Risk Factors" in Unisys' Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and its most recent Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. Unisys assumes no obligation to update any forward-looking statements.
RELEASE NO.: 0627/10006
Unisys and other Unisys products and services mentioned herein, as well as their respective logos, are trademarks or registered trademarks of Unisys Corporation. Any other brand or product referenced herein is acknowledged to be a trademark or registered trademark of its respective holder.
UIS-C
View original content to download multimedia:https://www.prnewswire.com/news-releases/unisys-announces-closing-of-700-million-private-offering-of-senior-secured-notes-net-proceeds-to-be-used-to-refinance-existing-notes-and-partially-fund-us-pension-plan-302493374.html
SOURCE Unisys Corporation
FAQ
What is the size and interest rate of Unisys (UIS) new Senior Secured Notes offering?
How will Unisys (UIS) use the proceeds from the $700M notes offering?
What changes were made to Unisys (UIS) ABL credit facility in June 2025?
What security backs Unisys (UIS) new Senior Secured Notes?
How does the interest rate of UIS new notes compare to the existing notes?
