CHICAGO–(BUSINESS WIRE)–JBT Marel Corporation announced today that it has closed its previously announced private offering of $575 million aggregate principal amount of 0.375 percent convertible senior notes due 2030 (the “Notes”), which includes $75 million aggregate principal amount of Notes issued in connection with the initial purchasers’ full exercise of their option to acquire additional Notes. The Company utilized the net proceeds from the Offering to execute convertible note hedge and warrant transactions and repay a portion of the borrowings outstanding under its revolving credit facility. The Company subsequently intends to draw on its revolving credit facility and/or use cash on hand to repay or otherwise refinance its 0.25 percent convertible senior notes due 2026 (the “2026 notes”) at or prior to the maturity of the 2026 notes.

“We are pleased to complete the closing of our senior convertible notes transaction, as we took advantage of the robust convertible market and its low borrowing costs,” said Matt Meister, Chief Financial Officer. “We believe the Notes, with a coupon rate of 37.5 basis points, will generate meaningful annual interest expense savings relative to a traditional high-yield note issuance. Additionally, by executing the corresponding convertible note hedge and warrant transactions, we have effectively mitigated shareholder dilution until the JBTM share price reaches $283.42 per share.”

The Notes were offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). This release shall not constitute an offer to sell or the solicitation of an offer to buy the Notes. Any offers of the Notes were made only by means of a private offering memorandum. The Notes and any common stock issuable upon conversion 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 United States without registration or an applicable exemption from registration requirements. This release also shall not constitute an offer to purchase, or the solicitation of an offer to sell, the 2026 notes.

About JBT Marel Corporation
JBT Marel Corporation (NYSE and Nasdaq Iceland: JBTM) is a leading global technology solutions provider to high-value segments of the food & beverage industry. JBT Marel brings together the complementary strengths of both the JBT and Marel organizations to transform the future of food. JBT Marel provides a unique and holistic solutions offering by designing, manufacturing, and servicing cutting-edge technology, systems, and software for a broad range of food and beverage end markets. JBT Marel aims to create better outcomes for customers by optimizing food yield and efficiency, improving food safety and quality, and enhancing uptime and proactive maintenance, all while reducing waste and resource use across the global food supply chain. JBT Marel operates sales, service, manufacturing, and sourcing operations in more than 30 countries.

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