By Rebecca Melvin
New York, June 5 – Arkema SA prices €400 million 2¾% subordinated fixed-to-reset rate notes (ratings: Ba1/BBB-), according to a company news release on Wednesday.
The issuance saw strong investor interest with an order book of more than €3 billion.
The notes are non-callable for 5.25 years.
Arkema also launched a capped 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.
The portion of 2014 notes not refinanced by the new notes will continue to be assigned 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.
| Issuer: | Arkema SA
|
| Issue: | Subordinated fixed-to-reset rate notes
|
| Amount: | €400 million
|
| Maturity: | Perpetual
|
| Coupon: | 2¾%
|
| Calls: | Non-callable for 5.25 years
|
| Announcement date: | June 5
|
| Ratings: | Moody’s: Ba1
|
| S&P: BBB-
|
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