New Issue: PPG Industries prices $1 billion of fixed-rate notes in two parts

By Cristal Cody

Tupelo, Miss., Feb. 22 – PPG Industries, Inc. priced $1 billion of fixed-rate notes (A3/A-/A-) in two tranches on Thursday, according to a market source and an FWP filed with the Securities and Exchange Commission.

The company sold $300 million of 3.2% five-year notes at 99.767 to yield 3.25%, or Treasuries plus 60 basis points. The notes priced on the tight side of guidance in the 65 bps over Treasuries area.

PPG Industries placed $700 million of 3.75% 10-year notes at 99.857 to yield 3.767%. The notes priced on top of guidance at a Treasuries plus 85 bps.

BNP Paribas Securities Corp., J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, MUFG and PNC Capital Markets LLC were the bookrunners.

Proceeds will be used for general corporate purposes, including working capital, capital expenditures, investments in or loans to subsidiaries or joint ventures, debt repayment, redemption or refinancing, redemption or repurchase of securities, possible acquisitions and satisfaction of other obligations.

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

Issuer:	PPG Industries, Inc.
Amount:	$1 billion
Description:	Notes
Bookrunners:	BNP Paribas Securities Corp., J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, MUFG and PNC Capital Markets LLC
Senior co-managers:	BBVA Securities Inc., BNY Mellon Capital Markets, LLC, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Mizuho Securities USA LLC, SG Americas Securities, LLC, SMBC Nikko Securities America, Inc., TD Securities (USA) LLC and Wells Fargo Securities, LLC
Co-managers:	ANZ Securities, Inc., ICBC Standard Bank plc, Morgan Stanley & Co. LLC, Santander Investment Securities Inc., Huntington Investment Co., U.S. Bancorp Investments, Inc. and Credit Suisse Securities (USA) LLC
Trade date:	Feb. 22
Settlement date:	Feb. 27
Ratings:	Moody’s: A3
	S&P: A-
	Fitch: A-
Distribution:	SEC registered
Five-year notes
Amount:	$300 million
Maturity:	March 15, 2023
Coupon:	3.2%
Price:	99.767
Yield:	3.25%
Spread:	Treasuries plus 60 bps
Call features:	Make-whole call at Treasuries plus 10 bps before Feb. 15, 2023; thereafter at par
Price guidance:	Treasuries plus 65 bps area
10-year notes
Amount:	$700 million
Maturity:	March 15, 2028
Coupon:	3.75%
Price:	99.857
Yield:	3.767%
Spread:	Treasuries plus 85 bps
Call features:	Make-whole call at Treasuries plus 15 bps before Dec. 15, 2027; thereafter at par
Price guidance:	Treasuries plus 85 bps

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