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두산밥캣, ESG 성과 담은 ‘지속가능경영보고서’ 발간
Doosan Bobcat announces $300 million Senior Secured Notes Offering
Seoul, South Korea –May 20, 2020– Doosan Bobcat, Inc. (“Doosan Bobcat”) (KRX: 241560) today announced that its direct, wholly-owned subsidiary, Clark Equipment Company (the “Issuer”), plans to conduct an offering of $300 million in aggregate principal amount of senior secured notes due 2025 (the “Notes”) in a private placement exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), subject to market conditions. The Issuer intends to use the net proceeds from the offering for general corporate purposes and to pay related transaction fees and expenses.
2020-05-20
The Notes will be guaranteed by Doosan Bobcat, which also guarantees indebtedness under the Issuer’s term loan agreement (as amended from time to time, the “Term Loan Credit Agreement”) and asset-based revolving credit agreement (as amended from time to time, the “ABL Credit Agreement”). The Notes will be secured by a first-priority lien on all of the Issuer’s and Doosan Bobcat’s assets that secure indebtedness under the Term Loan Credit Agreement on a first-priority basis, and by a second-priority lien on certain current assets of the Issuer that secure indebtedness under the ABL Credit Agreement on a first-priority basis.
The Notes will be offered in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act, and to certain non-U.S. persons in transactions outside of the United States in reliance on Regulation S under the Securities Act. The Notes will not be registered under the Securities Act or the securities laws of any state or jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.
This press release shall not constitute an offer to sell or the solicitation of an offer to purchase the Notes, nor shall there be any sale of the Notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Doosan Bobcat
Doosan Bobcat, founded in 1947, is a leading global manufacturer and distributor of construction equipment, related attachments and portable power equipment, focusing on the compact construction equipment market with premium brands and leading market positions. Our products serve various industries, including the construction, landscaping, agriculture, oil and gas, mining and manufacturing industries. Doosan Bobcat products are marketed globally under two key brands “Bobcat” and “Doosan”.
Forward-Looking Statements
This press release contains forward-looking statements. All statements other than statements of historical fact contained in this press release are forward- looking statements, including all statements regarding the offering of the Notes. Forward-looking statements are generally identified by our use of forward-looking terminology such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “might”, “plan”, “potential”, “predict”, “seek”, or “should”, or the negative thereof or other variations thereon or comparable terminology. Where, in any forwardlooking statement, we express an expectation or belief as to future results or events, such expectation or belief is based on the current plans, expectations, assumptions, estimates, and projections of our management. Although we believe that these statements are based on reasonable expectations, assumptions, estimates and projections, they are only predictions and involve known and unknown risks, many of which are beyond our control, that could cause actual outcomes and results to be materially different from those indicated in such statements.
The forward-looking statements included in this press release are made as of the date hereof, and except as required by law, we undertake no obligation to update, amend or clarify any forward-looking statements to reflect events, new information or circumstances occurring after the date of this release.
Contacts
Doosan Bobcat, Inc.
Youngil Kang General Manager,
Investor Relations
[email protected] -
두산밥캣, ESG 성과 담은 ‘지속가능경영보고서’ 발간
Doosan Bobcat’s Remote Control Technology Selected as ‘the Best Innovative Product 2019’ by a North American Professional Magazine
On January 29, Doosan Bobcat announced that its remote control technology 'Max Control' had won the ‘Gold Award’, the top prize at the Innovative Product Awards 2019 hosted by Rental Equipment Register.
2020-01-29
Marking their 17th anniversary this year, the Innovative Product Awards recognize the most innovative technologies of the year in the construction and landscaping industries.
Doosan Bobcat's Max Control technology, winner of the highest honor at the award show, is a new technology that enables the user to operate construction equipment by remote control using an IOS-based iPhone or iPad, a first in the construction industry. Max Control was unveiled at the CES 2020 held in Las Vegas, USA.
High product compatibility and operational convenience are among the major advantages that Max Control has to offer. Max Control requires no additional devices: With its Selectable Joystick Controls, customers can apply this function to any model of loader produced since 2004 simply by using a mobile application. The user can operate construction equipment by remote control within a radius of up to 450 meters, and switch it on and off as needed, using a smartphone.
“The Max Control technology greatly reduces the risks involved in rough terrain jobs, and enables a single person to handle multiple items of equipment, which leads to great improvements in operational efficiency,” said an official from Doosan Bobcat. "We are planning to release an Android app and an upgraded version equipped with additional features, such as a front camera, by the end of 2020.”
Doosan Bobcat is currently accelerating its digital transformation: At the CES 2020, the company featured an AR-based work support program and ‘Features on Demand,’ a customer support program available on a portable device. -
두산밥캣, ESG 성과 담은 ‘지속가능경영보고서’ 발간
Doosan Bobcat Enters North American Landscape Equipment Market with Acquisition of BOB-CAT
On December 2, 2019, Doosan Bobcat Inc. announced the plan to acquire the Zero-turn-Mower business of the BOB-CAT, Steiner and Ryan brands from Schiller Grounds Care, Inc. The estimated purchase price is USD 82mil and transaction is expected to close by the end of year
2019-12-02
North America's ZTR market stands at approximately 810,000 units per year, $ 4.8 billion and has grown at an average annual growth rate of 7.8% over the past five years. Doosan Bobcat aims to settle early in the market based on its high brand awareness and dealer capabilities.
Doosan Bobcat secured ZTR Mower products and sales network at the same time and accelerated the expansion of grounds maintenance products with the recently launched Compact Tractor. This will help expand the dealer networks in the southern and western United States, where demand for both products is high, and to expand sales of existing products in the region.
“Mower is a must-have product to enhance our product competitiveness in the ground maintenance industry. And the acquisition will serve as an opportunity to accelerate business expansion in North America.” said Scott Park, chief executive officer and president of Doosan Bobcat. “We will focus on our capabilities to maximize synergy with existing products by rapidly expanding our business to light equipment markets through new products and channels” -
두산밥캣, ESG 성과 담은 ‘지속가능경영보고서’ 발간
Doosan Bobcat Successfully Reprices Long-Term Loan to Secure Lowest Spread Possible
Doosan Bobcat Inc. has succeeded in repricing its long-term loan based on its strong business performance, robust financial structure, and upgraded credit rating.
2019-11-29
On December 1, Doosan Bobcat Inc. announced that it had successfully repriced its Term Loan B (TLB)* for US$660 million as of November 29, 2019.
* TLB (Term Loan B): TLB refers to a source of project financing provided by US financial institutions including institutional investors and banks.
The repricing has lowered the interest rate spread for Doosan Bobcat’s TLB by 25bp from the previous ‘3-month Libor + 2.00%’ to ‘3-month Libor + 1.75%,’ which it is estimated will save the company around US$1.7 million in financing costs each year.
The 1.75% spread, the lowest for a TLB granted to businesses, suggests that Doosan Bobcat’s business credibility and financial structure have been highly appraised by investors in the United States, the world’s largest financial market. Since Doosan Bobcat procured US$1.3 billion in a TLB at a spread rate of 3.5% in 2013, the company has repaid part of the loan early and succeeded in repricing the remainder multiple times based on its robust business performance and sound financial structure, to the extent that the initial spread has now been halved to 1.75%.
Last May, S&P Global Ratings gave Doosan Bobcat a two-notch upgrade on its TLBs from BB to BBB (investment grade), which was instrumental in reducing the company’s TLB spread. Recently, Doosan Bobcat secured a US$165 million credit line** for the first time in its history on the back of its improved credit rating.
**Credit Line: A credit line refers to the credit limit set by banks for a certain period of time during which the firm in question can borrow and repay money at any time without security within the set limit.
“It is very significant that we have succeeded in readjusting our interest rate and secured the lowest spread possible amid numerous uncertain external factors,” stated a Doosan Bobcat executive in charge of the matter. “We will now focus our attention on securing a medium- to long-term growth engine by expanding the scope of our business and enhancing our product competitiveness in the compact equipment market, in particular, on the back of our improved credit rating, stable business performance, and efficient cash management. -
두산밥캣, ESG 성과 담은 ‘지속가능경영보고서’ 발간
Doosan Bobcat Opens Global Collaboration Center in Minnesota to Strengthen Global Competitiveness
Doosan Bobcat has established its new Global Collaboration Center (GCC) in Minnesota, USA in a drive to comprehensively strengthen its global competitiveness.
2019-11-17
On November 17, Doosan Bobcat announced that it had opened the GCC in Minneapolis, Minnesota with major executives including President/CEO Scott Park in attendance.
The GCC will serve as a control tower that oversees all the key functions the company performs in North America, Europe, the Middle East, Asia and Latin America. It is expected to become the company’s core base, sharing its strategies with each region and integrating its various systems related to new product development, logistics, procurement and IT systems. Doosan Bobcat anticipates powerful synergistic effects in the areas of cost competitiveness, R&D capability, and digital transformation.
“The establishment of the new GCC is a crucial opportunity for us to further strengthen our global competitiveness through the establishment of a global integrated system,” declared President/CEO Scott Park. "We will focus on maintaining Doosan Bobcat's position as the global leader in the compact equipment market by maximizing regional synergistic effects."
Doosan Bobcat also announced a US$26 million facility investment plan at its Litchfield plant, which produces attachments for Compact loaders and excavators. The investment is part of the company’s preemptive response to rising demand for its attachments following the expansion of its product lineup. The company plans to expand the current production facilities by more than three times.