By Paul A. Harris
Portland, Ore., Nov. 8 – Axalta Coating Systems Ltd. priced a $500 million issue of Axalta Coating Systems Dutch Holding B BV senior notes due Feb. 15, 2031 (B1/BB-) at par to yield 7¼% in a Wednesday drive-by, according to market sources.
The yield printed at the tight end of yield talk in the 7 3/8% area. Initial guidance was in the 7½% to 7¾% area.
Joint bookrunners were Deutsche Bank Securities Inc., Barclays, J.P. Morgan Securities LLC, BofA Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Truist Securities Inc. and Credit Suisse Securities (USA) LLC.
Proceeds will be used to redeem €450 million of 3¾% senior notes due 2025 and for general corporate purposes.
The issuing entity is an indirect, wholly owned subsidiary of Axalta Coating Systems, a Philadelphia-based industrial coatings specialist.
| Issuer: | Axalta Coating Systems Dutch Holding B BV
|
| Amount: | $500 million
|
| Issue: | Senior notes
|
| Maturity: | Feb. 15, 2031
|
| Joint bookrunners: | Deutsche Bank Securities Inc., Barclays, J.P. Morgan Securities LLC, BofA Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Truist Securities Inc. and Credit Suisse Securities (USA) LLC
|
| Coupon: | 7¼%
|
| Price: | Par
|
| Yield: | 7¼%
|
| Spread: | 270 bps
|
| First call: | Nov. 15, 2026 at 103.625
|
| Trade date: | Nov. 8
|
| Settlement date: | Nov. 17
|
| Ratings: | Moody’s: B1
|
| S&P: BB-
|
| Distribution: | Rule 144A for life and Regulation S
|
| Price talk: | 7 3/8% area
|
| Marketing: | Drive-by
|
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