Woodward Announces Refinancing of $100,000,000 of Its 5.63% Series B Senior Notes Due October 1, 2013

FORT COLLINS, CO—(Marketwired – Oct 1, 2013) – Woodward, Inc. (NASDAQ: WWD) (the “Company”) today announced it has entered into a note purchase agreement with institutional investors and completed a senior notes issuance of $100 million in aggregate principal amount consisting of three series of senior notes with seven-, ten-, and twelve-year maturities. The notes have an effective weighted average interest rate of 3.76 percent. The Company intends to use the proceeds of the notes to repay all of its outstanding 5.63 percent Series B Senior Notes due October 1, 2013.

Under the terms of the note purchase agreement, Woodward also intends to issue an additional $150 million in aggregate principal amount of senior notes, including one series of floating rate notes, with similar maturities and an overall effective weighted average interest rate on the fixed rate notes of 4.11 percent, on November 15, 2013. The Company believes the senior notes issuances are consistent with its long-range capitalization strategy.

The senior unsecured notes issued in the private placement have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This news release shall not constitute an offer to sell or a solicitation to buy such notes and is issued pursuant to Rule 135c under the Securities Act of 1933.