By Cristal Cody
Tupelo, Miss., Nov. 19 – Albemarle Corp. priced $500 million of senior notes (Baa2/BBB/BBB) in two tranches on Tuesday, according to a market source.
A $200 million tranche of three-year floating-rate notes priced at Libor plus 105 basis points, compared to initial talk in the Libor plus 135 bps area.
The company sold $300 of 3.45% 10-year notes at a Treasuries plus 170 bps spread. Initial price talk was in the 200 bps spread area.
BofA Securities, Inc. and J.P. Morgan Securities LLC were the active bookrunners. Wells Fargo Securities LLC was a passive bookrunner.
Albemarle is a Charlotte, N.C.-based specialty chemicals manufacturing company.
| Issuer: | Albemarle Corp.
|
| Amount: | $500 million
|
| Description: | Senior notes
|
| Bookrunners: | BofA Securities, Inc. and J.P. Morgan Securities LLC (active), Wells Fargo Securities LLC (passive)
|
| Trade date: | Nov. 19
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Fitch: BBB
|
|
|
| Three-year floaters
|
| Amount: | $200 million
|
| Maturity: | Nov. 15, 2022
|
| Coupon: | Libor plus 105 bps
|
| Price guidance: | Libor plus 135 bps area
|
|
|
| 10-year notes
|
| Amount: | $300 million
|
| Maturity: | Nov. 15, 2029
|
| Coupon: | 3.45%
|
| Spread: | Treasuries plus 170 bps
|
| Price guidance: | Treasuries plus 200 bps area
|
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