W.R. Grace plans roadshow for $1 billion notes in two bullet tranches

By Paul A. Harris

Portland, Ore., Sept. 9 – W.R. Grace & Co.-Conn. plans to start a two-day roadshow on Wednesday in New York for a $1 billion two-part offering of non-callable senior notes (expected ratings Ba3/BB+), according to a market source.

The roadshow moves to Boston on Thursday and wraps up later that same day.

The Rule 144A and Regulation S for life deal is coming in tranches of seven-year notes and 10-year notes.

Goldman Sachs & Co. is the left bookrunner. Deutsche Bank Securities Inc. and BofA Merrill Lynch are the joint bookrunners.

Citigroup Global Markets Inc., Commerzbank, HSBC, KeyBanc Capital Markets, PNC Capital Markets, Scotia Capital, SMBC Nikko, TD Securities and UniCredit are the co-managers.

The Columbia, Md.-based specialty chemicals company plans to use the proceeds to terminate obligations under the deferred payment agreement with the Personal Injury Trust for about $632 million, as well as to partially fund the settlement of the warrant issued to the Personal Injury Trust. In addition proceeds will be used to repay amounts outstanding under the revolver, and for other general corporate purposes.

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