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Arkema to sell euro-denominated 5.25-year fixed-to-reset rate notes
By Rebecca Melvin
New York, June 5 – Arkema SA plans to price euro-denominated 5.25-year subordinated fixed-to reset rate notes (expected ratings: Ba1/BBB-), according to a company news release.
Pricing of the hybrid capital securities was expected to occur on Wednesday. The notes are non-callable.
Arkema was also launching a tender offer to repurchase some of its €700 million fixed-to-reset rate notes issued in 2014 and with a call date on Oct. 29, 2020.
It is expected that the portion of the 2014 notes not refinanced by the new notes will continue to be assigned a 50% equity credit by the rating agencies.
Tender offer results will be announced June 13.
The chemical and materials maker is based in Colombes, France.
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