New Issue: Axalta Coating sells €450 million eight-year notes at par to yield 3¾%

By Paul A. Harris

Portland, Ore., Sept. 13 – Axalta Coating Systems priced a €450 million issue of senior notes due Jan. 15, 2025 (B1/B+) at par to yield 3¾% on Tuesday, according to a market source.

The yield printed on top of yield talk.

Barclays was 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 were the joint bookrunners.

The issuing entity is Axalta Coatings 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.

Issuer:	Axalta Coating Systems Dutch Holding B BV
Amount:	€450 million
Maturity:	Jan. 15, 2025
Securities:	Senior notes
Lead left bookrunner:	Barclays
Joint bookrunners:	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, UBS Securities LLC
Coupon:	3¾%
Price:	Par
Yield:	3¾%
First call:	Jan. 15, 2019 at 102.813
Equity clawback:	40% at 103.75 until Jan. 15, 2019
Trade date:	Sept. 13
Ratings:	Moody's: B1
	S&P: B+
Distribution:	Rule 144A and Regulation S for life
Price talk:	3¾% area
Marketing:	Quick to market

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