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Avient intends to sell $900 million senior notes via JPMorgan; initial talk high 7% area
By Paul A. Harris
Portland, Ore., July 20 – Avient Corp. plans to sell $900 million of senior notes in a possible July transaction, according to a high-yield portfolio manager.
Initial guidance has the deal coming to yield in the high 7% area.
J.P. Morgan Securities LLC is expected to lead the offering.
The Avon Lake, Ohio-based specialized polymer materials manufacturer also plans to syndicate $640 million of term loan debt, the manager said.
A portion of the proceeds plus proceeds of the term loan will be used to refinance the PolyOne Corp. 5¼% senior notes due March 15, 2023.
Upon acquiring the color masterbatch businesses of Clariant and Clariant Chemicals India Ltd. in July 2020 PolyOne changed its name to Avient.
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