Benzinga | Mar 15, 2021 09:55AM EDT

Sensata Technologies Seeks To Raise $500M From Private Debt Offering

Sensata Technologies Holding PLC (NYSE: ST) proposed to raise $500 million from senior notes in a private institutional offering via its subsidiary Sensata Technologies B.V.

* Sensata would utilize the offering proceeds for general corporate purposes, including working capital, capital expenditures, acquisition, strategic investments, debt repayment, and share buybacks.

* Sensata acquired Xirgo Technologies Intermediate Holdings last month for $400 million.

* The company's cash and cash equivalents amounted to $1.9 billion as of December 31, 2020. Its long-term debt balance amounted to $3.96 billion.

* ST shares have gained over 89% last year and hit a 52-week high on March 13.

* Price action: ST shares are trading 0.21% lower at 62.70 on the last check Monday.