Published on 8/3/2021 in the Prospect News High Yield Daily.
New Issue: Ashland prices $450 million 10-year bullet at par to yield 3 3/8%
By Paul A. Harris
Portland, Ore., Aug. 3 – Ashland LLC priced a $450 million issue of 10-year senior bullet notes (Ba1/BB+) at par to yield 3 3/8% in a Tuesday drive-by, according to a syndicate source.
The notes are guaranteed by Ashland Global Holdings Inc.
The yield printed at the tight end of yield talk in the 3½% area, which came on top of initial guidance in the mid-3% area.
Citigroup Global Markets Inc. was the left lead bookrunner.
The Covington, Ky.-based specialty chemical company plans to use the proceeds to redeem its 4¾% notes due 2022, with any remaining net proceeds to be used for general corporate purposes which may include working capital, capital expenditures and debt repayment.
| Issuer: | Ashland LLC
|
| Guarantor: | Ashland Global Holdings Inc.
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| Amount: | $450 million
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| Maturity: | Sept. 1, 2031
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| Securities: | Senior notes
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| Left bookrunners: | Citigroup Global Markets Inc.
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| Joint bookrunners: | BofA Securities, Inc., Credit Agricole CIB, Mizuho Securities USA Inc., Scotia Capital (USA) Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC
|
| Senior co-managers: | Fifth Third Securities Inc., PNC Capital Markets LLC, TD Securities (USA) LLC, U.S. Bancorp Investments Inc., HSBC Securities (USA) Inc.
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| Co-managers: | BNP Paribas Securities Corp., Goldman Sachs & Co. LLC, ING Financial Markets LLC, Santander Investment Securities Inc., SMBC Nikko Securities America Inc.
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| Coupon: | 3 3/8%
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| Price: | Par
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| Yield: | 3 3/8%
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| Call protection: | Bullet, par call three months prior to maturity
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| Trade date: | Aug. 3
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| Settlement date: | Aug. 18
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| Ratings: | Moody's: Ba1
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| S&P: BB+
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 3½% area
|
| Marketing: | Drive-by
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