Element Solutions to price $400 million eight-year notes on Tuesday

By Paul A. Harris

Portland, Ore., Aug. 4 – Element Solutions Inc. plans to price a $400 million offering of eight-year senior notes in a Tuesday drive-by following a late-morning conference call with investors, according to a syndicate source.

Credit Suisse Securities (USA) LLC is the left lead bookrunner. Goldman Sachs & Co. LLC, Barclays, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, UBS Securities LLC and Wells Fargo Securities LLC are the joint bookrunners.

The Rule 144A and Regulation S notes become callable after three years at par plus 50% of the coupon. They feature a three-year 35% equity clawback and a 101% poison put.

The Fort Lauderdale, Fla.-based specialty chemicals company plans to use the proceeds, together with cash on hand, to redeem up to $400 million of its 5 7/8% notes due 2025.

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