AkzoNobel spinoff to generate around €1.5 billion equivalent bonds expected in September

By Paul A. Harris

Portland, Ore., Aug. 21 – AkzoNobel NV is expected to offer around €1.5 billion equivalent of high-yield notes in September as part of the financing backing the spinoff of its specialty chemicals business, according to market sources.

The deal may include dollar-denominated notes, a debt capital markets banker said.

Barclays is expected to play a prominent role, perhaps left lead, in a syndicate of banks also expected to include BofA Merrill Lynch, HSBC, JPMorgan, Credit Agricole CIB, NatWest Investments and SG CIB, sources say.

Proceeds will be used to fund the €10.1 billion spinoff of AkzoNobel’s specialty chemicals business to Carlyle Group and GIC.

AkzoNobel is an Amsterdam-based paint, performance coatings and specialty chemicals producer.

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