By Andrea Heisinger
New York, Dec. 7 - Albemarle Corp. sold $350 million of 4.5% 10-year senior notes on Tuesday to yield Treasuries plus 148 basis points, a source away from the trade said.
The notes (Baa2/BBB/) sold at 99.101 to yield 4.613%.
The notes have a make-whole call at Treasuries plus 25 basis points and feature a change-of-control put at 101%.
Bank of America Merrill Lynch, J.P. Morgan Securities LLC and UBS Securities LLC were the bookrunners.
Proceeds are being used to fund pension obligations and to repay debt. Any remainder will be used for general corporate purposes.
The specialty chemical company is based in Baton Rouge, La.
| Issuer: | Albemarle Corp.
|
| Issue: | Senior notes
|
| Amount: | $350 million
|
| Maturity: | Dec. 15, 2020
|
| Bookrunners: | Bank of America Merrill Lynch, J.P. Morgan Securities LLC, UBS Securities LLC
|
| Coupon: | 4.5%
|
| Price: | 99.101
|
| Yield: | 4.613%
|
| Spread: | Treasuries plus 148 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Dec. 7
|
| Settlement date: | Dec. 10
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
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