Eagle SpinCo talks $688 million eight-year notes with 4¾% area yield

By Paul A. Harris and Aleesia Forni

Columbus, Ohio, Jan. 17 - Eagle SpinCo, which will become a wholly owned subsidiary of Georgia Gulf Corp., plans to price a $688 million issue of eight-year notes (confirmed Ba3/expected BB-) with a yield in the 4¾% area, a market source said.

Books close at noon ET Thursday, except for accounts on the U.S. West Coast, with pricing Thursday afternoon or Friday morning.

Barclays is the lead left bookrunner.

J.P. Morgan Securities LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC are the joint bookrunners.

The Rule 144A and Regulation S with registration rights notes will be non-callable for five years.

Proceeds will be used to fund the acquisition of Eagle SpinCo Inc. (PPG Commodity Chemicals) from PPG.

Eagle SpinCo is a Pittsburgh-based producer of chlorine, caustic soda and related chemicals.

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