Ashland expected to offer $750 million senior notes in September

By Paul A. Harris

St. Louis, Aug. 29 - Ashland Inc. is expected to price $750 million of senior unsecured notes during September, according to a source from a high-yield mutual fund.

Banc of America Securities LLC will lead the deal.

Proceeds, along with the proceeds from a $1.75 billion credit facility, will be used to help fund the acquisition of Hercules Inc. in a transaction valued at $3.3 billion, including $700 million of net assumed debt.

Ashland anticipates refinancing Hercules' existing bank debt and 6¾% notes in connection with the acquisition.

Ashland is a Covington, Ky., chemical company. Hercules is a Wilmington, Del., manufacturer and marketer of specialty chemicals.

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