Nova Chemicals to redeem 9.04%, 9½% preferreds with new-deal proceeds

New York, Jan. 6 - Nova Chemicals Corp. said it will redeem existing preferred securities with proceeds from a new bond issue.

Nova, a Pittsburgh-based chemicals maker, said that it would issue $400 million of senior notes due 2012 in a Rule 144A offering and then use the net proceeds to redeem its $382.5 million of outstanding 9.04% preferred securities due 2048 and 9½% preferred securities due 2047. The redemption would take place on or about March 1.

The company said the balance of the proceeds will be used for general corporate purposes.

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