Axalta Coating talks €450 million eight-year senior notes to yield in 3¾% area; pricing Tuesday

By Paul A. Harris

Portland, Ore., Sept. 13 – Axalta Coating Systems talked a €450 million offering of senior notes due Jan. 15, 2025 to yield in the 3¾% area, according to a market source.

Books were scheduled to close at 10:15 a.m. ET, and the Rule 144A and Regulation S for life offering is set to price Tuesday.

Barclays is the lead left bookrunner. BofA Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and UBS Securities LLC are the joint bookrunners.

The notes become callable after three years at par plus 75% of the coupon and feature a three-year 40% equity clawback and a 101% poison put.

The issuing entity is Axalta Coating Systems Dutch Holding B BV.

The Philadelphia-based supplier of vehicle and industrial coating systems plans to use the proceeds to redeem all of its outstanding 5¾% euro-denominated senior secured notes due 2021 and to prepay a portion of its euro-denominated term loan B.

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