New Issue: PPG prices $300 million 2.3% five-year notes at Treasuries plus 73 bps

By Aleesia Forni

Virginia Beach, Nov. 6 – PPG Industries Inc. priced $300 million of 2.3% five-year senior notes (Baa1/A-/A-) on Thursday at Treasuries plus 73 basis points, according to a market source and a FWP filed with the Securities and Exchange Commission.

The notes sold at the tight end of price talk, which tightened 12.5 bps from to initial guidance.

Pricing was at 99.591 to yield 2.387%.

J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are the bookrunners.

Proceeds will be used to fund a tender offer and for general corporate purposes.

PPG is a diversified coatings and chemical manufacturing company based in Pittsburgh.

Issuer:	PPG Industries Inc.
Amount:	$300 million
Description:	Senior notes
Maturity:	Nov. 15, 2019
Bookrunners:	J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC
Senior co-managers:	Banca IMI S.p.A., BNY Mellon Capital Markets, LLC, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., RBS Securities Inc., SG Americas Securities, LLC, SMBC Nikko Securities America, Inc., TD Securities (USA) LLC, Wells Fargo Securities, LLC
Co-managers:	Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co., Sandler O’Neill & Partners LP, Santander Investment Securities Inc.
Coupon:	2.3%
Price:	99.591
Yield:	2.387%
Spread:	Treasuries plus 73 bps
Trade date:	Nov. 6
Settlement date:	Nov. 12
Ratings:	Moody’s: Baa1
	Standard & Poor's: A-
	Fitch: A-
Price talk:	Treasuries plus 75 bps area, Treasuries plus 87.5 bps area
Make-whole call:	Treasuries plus 12.5 bps

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