Evonik begins global roadshow for €600 million equivalent two-part offering of seven-year notes

By Paul A. Harris

Portland, Ore., June 6 - Germany's Evonik Carbon Black Ltd. began a roadshow on Monday in the United States for a €600 million equivalent two-part offering of seven-year senior secured notes (B2/B), according to market sources.

A European roadshow is scheduled for the June 13 week.

The notes, which will be issued via intermediate holding company Kinove Bondco German GmbH, will be sold in dollar and euro denominations.

An 8% minimum coupon is expected.

Goldman Sachs International, UBS and Barclays are managing the sale.

The Rule 144A and Regulation S notes come with three years of call protection and feature standard high-yield covenants.

Proceeds, along with proceeds from new bank debt, will be used to help fund the buyout of the Essen, Germany-based specialty chemical company by Rhone Capital LLC and Triton Advisers.

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