By Cristal Cody
Tupelo, Miss., Aug. 24 – PPG Industries, Inc. priced a $100 million add-on to its 3.75% notes due March 15, 2028 (A3/BBB+/A-) on Monday at 119.819 to yield 0.936%, or a spread of Treasuries plus 30 basis points, according to an FWP filed with the Securities and Exchange Commission.
The company originally sold $700 million of the 3.75% notes on Feb. 22, 2018 at 99.857 to yield 3.767%, or a Treasuries plus 85 bps spread. The total outstanding is now $800 million.
J.P. Morgan Securities LLC, BBVA Securities Inc., Mizuho Securities USA LLC and SMBC Nikko Securities America, Inc. were the bookrunners.
Proceeds will be used for general corporate purposes, including repaying, redeeming or refinancing debt.
PPG is a diversified coatings and chemical manufacturing company based in Pittsburgh.
| Issuer: | PPG Industries, Inc.
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| Amount: | $100 million reopening
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| Description: | Notes
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| Maturity: | March 15, 2028
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| Bookrunners: | J.P. Morgan Securities LLC, BBVA Securities Inc., Mizuho Securities USA LLC and SMBC Nikko Securities America, Inc.
|
| Coupon: | 3.75%
|
| Price: | 119.819
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| Yield: | 0.936%
|
| Spread: | Treasuries plus 30 bps
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| Call features: | Make-whole call at Treasuries plus 15 bps before Dec. 15, 2027; thereafter at par
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| Trade date: | Aug. 24
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| Settlement date: | Aug. 26
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| Ratings: | Moody’s: A3
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| S&P: BBB+
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| Fitch: A-
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| Distribution: | SEC registered
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| Total outstanding: | $800 million, including $700 million of notes priced Feb. 22, 2018 at 99.857 to yield 3.767%, or Treasuries plus 85 bps
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