Axalta units call €250 million 5¾% secured notes due 2021 at 104.313

By Susanna Moon

Chicago, Sept. 13 – Axalta Coating Systems Ltd.’s wholly owned subsidiaries issued a call for their €250 million outstanding principal amount of 5¾% senior secured notes due 2021.

The notes will be redeemed at 104.313% of par plus accrued interest to but excluding the redemption date of Oct. 13, according to an 8-K filing with the Securities and Exchange Commission.

The company’s indirect wholly owned subsidiary, Axalta Coating Systems Dutch Holding BBV, plans to price €450 million principal amount of euro-denominated senior unsecured notes, with proceeds to be used to fund the redemption.

Axalta Coating Systems Dutch Holding BBV and Axalta Coating Systems U.S. Holdings, Inc., another indirect wholly owned subsidiary of the company, are the issuers of the 5¾% notes.

The redemption is contingent on the issuance of the new notes, with enough proceeds to fund the call.

The company is a Philadelphia-based provider of coatings systems for industrial applications.

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