Axalta to call $750 million 7 3/8% senior notes due 2021 via new issue

By Susanna Moon

Chicago, Aug. 1 – Axalta Coating Systems Ltd. said wholly owned subsidiary Axalta Coatings Systems, LLC plans to redeem the $750 million principal amount of 7 3/8% senior notes due 2021 issued by Axalta Coating Systems U.S. Holdings, Inc., an indirect wholly owned subsidiary.

Axalta will fund the redemption using proceeds of an $875 million principal amount of senior notes to be issued in two tranches of dollar-denominated senior notes and euro-denominated senior unsecured notes to qualified institutional buyers under Rule 144A and Regulation S, according to a company announcement.

The notes will be guaranteed by Axalta Coating Systems Dutch Holdings B BV, an indirect, wholly owned subsidiary of the company.

Proceeds also will be used for general corporate purposes, including to add cash to the balance sheet.

Axalta is a Wilmington, Del.-based supplier of vehicle and industrial coating systems.

© 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.