By Andrea Heisinger
Omaha, March 13 - PPG Industries, Inc. priced an upsized $1.55 billion three-tranche offering of notes (A3/A-/A-) on Thursday, an informed source said.
A 30-year tranche was added to the issue.
The $600 million 5.75% five-year notes priced at 99.949 to yield 5.762%, or Treasuries plus 325 basis points.
The $700 million 6.65% 10-year notes priced at 99.95 to yield 6.657%, or Treasuries plus 312.5 bps.
The $250 million 7.7% 30-year notes priced at 99.433 to yield 7.749%, or Treasuries plus 330 bps.
The notes feature a change-of-control put at 101%.
Bookrunners were Credit Suisse Securities LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities Inc. and Morgan Stanley & Co. Inc.
Proceeds will be used to repay outstanding debt under a €1 billion bridge loan.
The specialty coatings company is based in Pittsburgh.
| Issuer: | PPG Industries, Inc.
|
| Issue: | Notes
|
| Amount: | $1.55 billion
|
| Bookrunners: | Credit Suisse Securities LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities Inc., Morgan Stanley & Co. Inc.
|
| Change-of-control put: | 101%
|
| Trade date: | March 13
|
| Settlement date: | March 18
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Fitch: A-
|
|
|
| Five-year tranche
|
| Amount: | $600 million
|
| Maturity: | March 15, 2013
|
| Coupon: | 5.75%
|
| Price: | 99.949
|
| Yield: | 5.762%
|
| Spread: | Treasuries plus 325 bps
|
|
|
| 10-year tranche
|
| Amount: | $700 million
|
| Maturity: | March 15, 2018
|
| Coupon: | 6.65%
|
| Price: | 99.95
|
| Yield: | 6.657%
|
| Spread: | Treasuries plus 312.5 bps
|
|
|
| 30-year tranche
|
| Amount: | $250 million
|
| Maturity: | March 15, 2038
|
| Coupon: | 7.7%
|
| Price: | 99.433
|
| Yield: | 7.749%
|
| Spread: | Treasuries plus 330 bps
|
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