International Flavors to hold roadshow for multiple bond tranches

By Cristal Cody

Tupelo, Miss., Sept. 20 – International Flavors & Fragrances Inc. (Baa3/BBB) will hold a roadshow on Thursday and Friday for a dollar-denominated multiple-tranche offering of notes, according to a market source.

BNP Paribas Securities Corp., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are the roadshow arrangers.

International Flavors & Fragrances also launched a two-part offering of euro-denominated senior notes on Thursday.

The company’s credit ratings were lowered by Moody’s Investors Service and S&P Global Ratings on Sept. 13.

Moody’s said it dropped the ratings to Baa3 from Baa1 due to the company’s pending acquisition of Israel-based extracts producer Frutarom Industries Ltd.

S&P said it downgraded the company to BBB from BBB+ following its $2.25 billion equity offering to partially finance the $7 billion acquisition and the launch of marketing for the note offering.

The New York City-based company produces flavors and fragrances for use in products including cosmetics, detergents, household goods, foods and beverages.

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