The offering extends debt maturities and provides liquidity for strategic initiatives. Monitor the company's leverage ratio post-closing and any subsequent M&A or share repurchase announcements.
Price Chart
Executive Summary
Core & Main's subsidiary launched and priced $750M of 6.000% Senior Notes due 2034, with proceeds to prepay a portion of its existing senior term loan due 2028 and for general corporate purposes. The unsecured notes are guaranteed by parent entities and sold under Rule 144A/Reg S.
Key Facts
- $750 million aggregate principal amount of 6.000% Senior Notes due 2034
- Issued by indirect wholly-owned subsidiary Core & Main LP
- Proceeds used to prepay existing senior term loan (due July 27, 2028) and for general corporate purposes (organic growth, M&A, share repurchases, etc.)
- Notes unsecured, guaranteed by Core & Main Midco, LLC and Core & Main Intermediate GP, LLC and certain future domestic subsidiaries
- Closing expected on or about July 1, 2026
Financial Impact
Debt offering of $750M (~8.2% of market cap) to refinance existing term loan; net leverage impact depends on amount applied to prepayment vs. other uses.
Risk Factors
- Increased total debt and interest expense if proceeds not fully used to prepay term loan
- Potential dilution from future equity offerings if leverage increases significantly
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001856525-26-000081 |
| Document: jun2026seniornotespricingp.htm | 0001856525-26-000081 |
| Document: jun2026seniornoteslaunchpr.htm | 0001856525-26-000081 |
| Document: 0001856525-26-000081-index-headers.html | 0001856525-26-000081 |
| Document: 0001856525-26-000081-index.html | 0001856525-26-000081 |
| Document: 0001856525-26-000081.txt | 0001856525-26-000081 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 9, 2026 6w ago | 8-K | $41.60 | awaiting T+60 | — | $42.38 (+1.88%) |
Jul 16, 2026 14w ago | Institutional Cluster | $45.24 $40.67 | ▲ +10.10% | ▲ +14.78% | $42.38 (+6.32%) |
Jul 8, 2026 15w ago | Insider Buy | $45.21 $41.35 | ▼ −8.54% | ▼ −10.17% | $42.38 (−6.26%) |
Jun 25, 2026 17w ago | 8-K | $49.14 $43.06 | ▼ −12.37% | ▼ −18.48% | $42.38 (−13.76%) |
Jun 22, 2026 18w ago | 8-K | $47.25 $41.08 | ▼ −13.06% | ▼ −14.80% | $42.38 (−10.31%) |
Jun 10, 2026 19w ago | 8-K | $49.44 $43.98 | ▼ −11.04% | ▼ −17.62% | $42.38 (−14.28%) |
May 7, 2026 24w ago | DEFA14A | $49.66 $45.75 | ▼ −7.87% | ▼ −11.71% | $42.38 (−14.66%) |
Apr 20, 2026 27w ago | 144 | $49.73 $45.78 | ▼ −7.94% | ▼ −14.84% | $42.38 (−14.78%) |
Apr 15, 2026 27w ago | 144 | $51.97 $44.74 | ▼ −13.91% | ▼ −20.96% | $42.38 (−18.45%) |
Apr 10, 2026 28w ago | 8-K | $51.45 $45.75 | ▼ −11.08% | ▼ −21.41% | $42.38 (−17.63%) |
US Market Status
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