Rhodia upsizes to €700 million equivalent, to fund tender for notes due 2007

By Paul A. Harris

St. Louis, April 26 - Rhodia upsized to €700 million equivalent from €625 million equivalent its planned offering of six-year senior notes (confirmed B3/expected B-), according to a company news release Monday.

The bonds are expected to be sold in dollar and euro denominations, with tranche sizes to be determined.

In addition to the previously announced use of proceeds - to pay down bank debt - the amount of proceeds generated by the proposed increase in the bond sale will be used to fund the tender for all of the company's €500 million of medium-term notes due 2005 at 102.50.

The Paris, France-based specialty chemical manufacturer was scheduled to market the deal Monday and Tuesday in London, according to a syndicate source. Global launch is scheduled to take place during week of May 3.

Credit Suisse First Boston, BNP Paribas and Goldman Sachs & Co. are joint bookrunners for the Rule 144A/Regulation S offering. Credit Lyonnais is joint lead manager.

The notes will come with four years of call protection.

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