New Issue: Element Solutions prices upsized $800 million eight-year notes at par to yield 3 7/8%

By Paul A. Harris

Portland, Ore., Aug. 4 – Element Solutions Inc. doubled its deal size to $800 million and priced is issue of eight-year senior notes at par to yield 3 7/8% in a Tuesday drive-by, according to market sources.

The issue size increase from $400 million.

The yield printed at the tight end of yield talk in the 4% area.

Credit Suisse Securities (USA) LLC was the left lead bookrunner. Joint bookrunners were 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.

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.

Issuer:	Element Solutions Inc.
Amount:	$800 million, increased from $400 million
Maturity:	Sept. 1, 2028
Securities:	Senior notes
Lead left bookrunner:	Credit Suisse Securities (USA) LLC
Joint bookrunners:	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
Coupon:	3 7/8%
Price:	Par
Yield:	3 7/8%
Spread:	345.3 bps
First call:	Sept. 1, 2023 at 101.938
Trade date:	Aug. 4
Settlement date:	Aug. 18
Distribution:	Rule 144A and Regulation S
Price talk:	4% area
Marketing:	Drive-by

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