New Issue: PPG Industries prices $600 million of fixed-rate notes due 2024, 2029

By Cristal Cody

Tupelo, Miss., Aug. 6 – PPG Industries, Inc. priced $600 million of fixed-rate notes (A3/A-/A-) in two tranches on Tuesday, according to a market source and an FWP filed with the Securities and Exchange Commission.

The company sold $300 million of 2.4% five-year notes at 99.827 to yield 2.437%, or a spread of Treasuries plus 90 basis points. The notes priced on the tight side of guidance in the 95 bps area.

PPG Industries priced $300 million of 2.8% 10-year notes at 99.732 to yield 2.831%. The notes priced at a Treasuries plus 110 bps spread, on the firm side of talk in the 115 bps spread area.

J.P. Morgan Securities LLC, BNP Paribas Securities Corp., PNC Capital Markets LLC, Citigroup Global Markets Inc. and MUFG 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:	$600 million
Description:	Notes
Bookrunners:	J.P. Morgan Securities LLC, BNP Paribas Securities Corp., PNC Capital Markets LLC, Citigroup Global Markets Inc. and MUFG
Senior co-managers:	BBVA Securities Inc., BofA Securities, Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., Mizuho Securities USA LLC, Santander Investment Securities Inc., SG Americas Securities, LLC, SMBC Nikko Securities America, Inc., TD Securities (USA) LLC, Telsey Advisory Group LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC
Co-managers:	ANZ Securities, Inc., BNY Mellon Capital Markets, LLC, ICBC Standard Bank plc, Morgan Stanley & Co. LLC, Huntington Investment Co. and Williams Capital Group, LP
Trade date:	Aug. 6
Settlement date:	Aug. 15
Ratings:	Moody’s: A3
	S&P: A-
	Fitch: A-
Distribution:	SEC registered
Five-year notes
Amount:	$300 million
Maturity:	Aug. 15, 2024
Coupon:	2.4%
Price:	99.827
Yield:	2.437%
Spread:	Treasuries plus 90 bps
Call features:	Make-whole call at Treasuries plus 15 bps before July 15, 2024; thereafter at par
Price guidance:	Treasuries plus 95 bps area, plus or minus 5 bps; initial talk at Treasuries plus 95 bps-100 bps area
10-year notes
Amount:	$300 million
Maturity:	Aug. 15, 2029
Coupon:	2.8%
Price:	99.732
Yield:	2.831%
Spread:	Treasuries plus 110 bps
Call features:	Make-whole call at Treasuries plus 20 bps before May 15, 2029; thereafter at par
Price guidance:	Treasuries plus 115 bps, plus or minus 5 bps; initial talk at Treasuries plus 125 bps area

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