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Avient launches oversubscribed $725 million notes due 2030 at 7 1/8%; pricing Wednesday
By Paul A. Harris
Portland, Ore., July 27 – Avient Corp. launched its $725 million offering of senior notes due 2030 (Ba3/BB-) at 7 1/8%, tighter than the 7¼% to 7½% yield talk, according to market sources.
The deal is heard to be a total blowout, playing to $3 billion of orders, a sellside source said.
Dealers have reeled in pricing since the notes were pre-marketed in the high-7% area last week, then launched into the market on Tuesday with initial guidance in the 7½% area.
The deal, which comes in support of Avient's acquisition of Royal DSM’s Dyneema protective materials business, is proceeding on an accelerated timeline that has it pricing later Wednesday. It had previously been expected to remain in the market until Friday. The investor call, which was initially announced to take place on Wednesday morning, was moved ahead to Tuesday.
Reverse inquiry on the offering ran to 1.5-times deal size, the sellside source said.
J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are the joint bookrunners. BNP Paribas Securities Corp., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, PNC Capital Markets LLC and U.S. Bancorp Investments Inc. are the co-managers.
The eight-year notes come with three years of call protection and feature a special mandatory redemption at par if the acquisition is terminated or if it is not consummated on or prior to April 19, 2023.
The Avon Lake, Ohio-based specialized polymer materials manufacturer intends the proceeds plus a $500 million term loan and balance sheet cash to support its acquisition of all of the equity interests in DSM Protective Materials International BV, DSM Protective Materials BV, and DSM Protective Materials LLC from Koninklijke DSM NV (Royal DSM).
Upon acquiring the color masterbatch businesses of Clariant and Clariant Chemicals India Ltd. in July 2020 PolyOne Corp. changed its name to Avient.
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