By Andrea Heisinger
New York, July 31 - PPG Industries, Inc. priced $400 million of 2.7% 10-year senior notes on Tuesday to yield Treasuries plus 120 basis points, a market source said.
The notes (Baa1/BBB+/A-) were sold at 99.982 to yield 2.702%.
The bonds feature a make-whole call at 20 bps over Treasuries and a change-of-control put at 101%.
BNP Paribas Securities Corp., Goldman Sachs & Co. and J.P. Morgan Securities LLC were the bookrunners.
Senior co-managers were Banca IMI SpA, Mitsubishi UFJ Securities (USA), Inc., PNC Capital Markets LLC and RBS Securities Inc.
Co-managers were BNY Mellon Capital Markets, LLC, Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, Santander Investment Securities Inc., SMBC Nikko Capital Markets Ltd., TD Securities (USA) LLC and Wells Fargo Securities, LLC.
Proceeds will be used to repay a portion of 5.75% notes due 2013 and for general corporate purposes.
PPG was last in the market with a $1 billion deal in three tranches on Nov. 8, 2010. A 3.6% 10-year note from that deal priced at 120 bps over Treasuries.
The diversified manufacturing company is based in Pittsburgh.
| Issuer: | PPG Industries, Inc.
|
| Issue: | Senior notes
|
| Amount: | $400 million
|
| Maturity: | Aug. 15, 2022
|
| Bookrunners: | BNP Paribas Securities Corp., Goldman Sachs & Co., J.P. Morgan Securities LLC
|
| Senior co-managers: | Banca IMI SpA, Mitsubishi UFJ Securities (USA), Inc., PNC Capital Markets LLC, RBS Securities Inc.
|
| Co-managers: | BNY Mellon Capital Markets, LLC, Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, Santander Investment Securities Inc., SMBC Nikko Capital Markets Ltd., TD Securities (USA) LLC, Wells Fargo Securities, LLC
|
| Coupon: | 2.7%
|
| Price: | 99.982
|
| Yield: | 2.702%
|
| Spread: | Treasuries plus 120 bps
|
| Call: | Make-whole at Treasuries plus 20 bps
|
| Change-of-control put: | 101%
|
| Trade date: | July 31
|
| Settlement date: | Aug. 3
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Fitch: A-
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
