Published on 3/1/2021 in the Prospect News Investment Grade Daily.
New Issue: PPG Industries prices $700 million 1.2% notes due 2026 at 60 bps over Treasuries
By Taylor Fox and Cristal Cody
New York, March 1 – PPG Industries, Inc. priced $700 million of 1.2% five-year notes (A3/BBB+/A-) on Monday at 99.432 to yield 1.317%, or Treasuries plus 60 basis points, according to an FWP filing with the Securities and Exchange Commission.
As previously reported, initial price talk was in the Treasuries plus 85 bps to 90 bps area.
The notes feature a make-whole call and then a par call.
BNP Paribas Securities Corp., PNC Capital Markets LLC, Citigroup Global Markets Inc. and MUFG are the bookrunners.
Proceeds will be used for general corporate purposes.
PPG is a diversified coatings and chemical manufacturing company based in Pittsburgh.
| Issuer: | PPG Industries, Inc.
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| Amount: | $700 million
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| Maturity: | March 15, 2026
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| Description: | Notes
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| Bookrunners: | BNP Paribas Securities Corp., PNC Capital Markets LLC, Citigroup Global Markets Inc. and MUFG
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| Co-managers: | BBVA Securities Inc., Mizuho Securities USA LLC, SMBC Nikko Securities America, Inc., Santander Investment Securities Inc., BofA Securities, Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., Intesa Sanpaolo SpA, SG Americas Securities LLC, TD Securities (USA) LLC, U.S. Bancorp Investments, Inc., Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, ANZ Securities, Inc., BNY Mellon Capital Markets, LLC, Huntington Securities, Inc., ICBC Standard Bank plc, Morgan Stanley & Co. LLC, Siebert Williams Shank & Co., LLC (acting on behalf of Northern Trust), Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc.
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| Coupon: | 1.2%
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| Price: | 99.432
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| Yield: | 1.317%
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| Spread: | Treasuries plus 60 bps
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| Call features: | Make-whole call before Feb. 15, 2026 at Treasuries plus 10 bps; thereafter at par
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| Trade date: | March 1
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| Settlement date: | March 4
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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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| Price talk: | Treasuries plus 85 bps to 90 bps area
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