Versum talks $425 million eight-year notes to yield in 5 5/8% area; pricing Wednesday

By Paul A. Harris

Portland, Ore., Sept. 20 – Versum Materials, Inc. talked its $425 million offering of eight-senior senior notes (Ba3/BB-) to yield in the 5 5/8% area, according to a market source.

Books close late Tuesday, and the Rule 144A and Regulation S deal is expected to price Wednesday.

Deutsche Bank Securities Inc., Citigroup Global Markets Inc., HSBC and Wells Fargo Securities LLC are managing the sale.

The notes come with five years of call protection.

The Lehigh Valley, Pa.-based industrial materials company plans to use the proceeds to help fund a proposed pro rata distribution of Versum common stock to its stockholders and Versum’s expected distribution of cash to Air Products prior to the spinoff of Versum from Air Products.

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