AkzoNobel to start roadshow Monday for €1.39 billion eight-year notes in dollars and euros

By Paul A. Harris

Portland, Ore., Sept. 7 – AkzoNobel NV plans to start a roadshow on Monday in Europe for €1,385,000,000 equivalent of eight-year senior notes in two tranches, according to a market source.

The European roadshow wraps up on Thursday. A roadshow in the United States is scheduled to begin on Sept. 17 and wrap up on Sept. 20, and the Rule 144A and Regulation S for life deal is set to price thereafter.

The offer includes €900 million equivalent of Starfruit US Holdco LLC dollar-denominated notes with initial price talk in the 9% area. Sole physical bookrunner Barclays will bill and deliver for the dollar-denominated notes.

In addition, the deal includes €485 million of Starfruit Finco BV euro-denominated notes with initial price talk in the high 6% area to 7%. Joint physical bookrunner HSBC will bill and deliver for the euro-denominated notes. Barclays and JPMorgan are also joint physical bookrunners for the euro-denominated notes.

Barclays, HSBC and JPMorgan are the joint global coordinators.

Credit Suisse, Deutsche Bank, RBC, Morgan Stanley, Citigroup, Nomura, UBS, BNP Paribas, Credit Agricole CIB, MUFG, Mizuho, NatWest Investments and SG CIB are bookrunners.

ABN Amro, Rabo and SEB are co-managers.

The notes in both tranches become callable after three years at par plus 50% of the respective coupons.

Proceeds will be used to fund the acquisition of AkzoNobel's specialty chemicals business by the Carlyle Group.

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

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