By Paul A. Harris
Portland, Ore., June 1 – Axalta Coating Systems Ltd. priced a $500 million issue of 4¾% seven-year senior notes (B1/BB-) at par to yield 4.749% in a Monday drive-by, according to market sources.
Bookrunners were Barclays (bill and deliver), Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and SunTrust Robinson Humphrey Inc.
The yield printed tight to the 4¾% to 5% yield talk. Initial talk was in the low 5% area.
The deal was more that two-times oversubscribed, a bond trader said.
The Philadelphia-based manufacturer of coatings for light and commercial vehicles, industrial, and refinish applications plans to use the proceeds for general corporate purposes, including debt repayment, capital expenditures, working capital and funding for potential acquisitions.
| Issuers: | Axalta Coating Systems, LLC and Axalta Coating Systems Dutch Holding B BV
|
| Amount: | $500 million
|
| Maturity: | June 15, 2027
|
| Securities: | Senior notes
|
| Bookrunners: | Barclays (bill and deliver), Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and SunTrust Robinson Humphrey Inc.
|
| Co-managers: | BofA Securities Inc., Credit Suisse Securities (USA) LLC and Jefferies LLC
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4.749%
|
| First call: | June 15, 2023 at 102.375
|
| Trade date: | June 1
|
| Settlement date: | June 15
|
| Ratings: | Moody's: B1
|
| S&P: BB-
|
| Distribution: | Rule 144A for life
|
| Price talk: | 4¾% to 5%
|
| Marketing: | Drive-by
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
