PPG begins cash tender offers for $400 million of two series of notes

By Susanna Moon

Chicago, Nov. 6 – PPG Industries said it began cash tender offers for $400 million of two series of notes.

The offers will run until 5 p.m. ET on Nov. 14.

Pricing will be set at 2 p.m. ET on Nov. 14 using the yield to maturity of the U.S. Treasury reference security plus a fixed spread as follows:

• $150 million 9% debentures due 2021 using the 2.375% U.S. Treasury notes due Aug. 15, 2024 plus 90 basis points; and

• $250 million 7.7% notes due 2038 based on the 3.375% U.S. Treasury notes due May 15, 2044 plus 120 bps.

The hypothetical total purchase price for each $1,000 principal amount was set at $1,332.32 for the 9% notes and $1,504.38 for the 7.7% notes, according to a company press release.

PPG said it also will pay accrued interest up to but excluding the settlement date of Nov. 17.

J.P. Morgan Securities LLC (866 834-4666 or 212 834-4811) is the dealer manager. D.F. King & Co., Inc. (866 416-0576 or 212 269-5550) is the information agent.

PPG is a diversified coatings and chemical manufacturing company based in Pittsburgh.

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