Published on 5/6/2014 in the Prospect News Investment Grade Daily.
New Issue: Eastman Chemical prices $500 million 4.65% 30-year notes at Treasuries plus 135 bps
By Aleesia Forni
Virginia Beach, May 6 - Eastman Chemical Co. sold $500 million of 4.65% senior notes (Baa2/BBB/BBB) due Oct. 15, 2044 with a spread of Treasuries plus 135 basis points, according to a market source and a FWP filed with the Securities and Exchange Commission.
Pricing was at 98.943 to yield 4.716%.
BofA Merrill Lynch, J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the joint bookrunners.
Proceeds will be used for general corporate purposes, which may include working capital, capital expenditures and the repayment of debt.
The company may also use proceeds to acquire or invest in businesses, products and technologies that are complementary to its current business.
Eastman is a global chemical company based in Kingsport, Tenn.
| Issuer: | Eastman Chemical Co.
|
| Amount: | $500 million
|
| Description: | Senior notes
|
| Maturity: | Oct. 15, 2044
|
| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC
|
| Senior co-managers: | Barclays, Citigroup Global Markets Inc., RBS Securities Inc.
|
| Co-managers: | HSBC Securities (USA) Inc., Mitsubishi UFJ Securities (USA), Inc., Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, Williams Capital Group, LP, RBC Capital Markets, LLC, SMBC Nikko Capital Markets Ltd., SunTrust Robinson Humphrey, Inc.
|
| Coupon: | 4.65%
|
| Price: | 98.943
|
| Yield: | 4.716%
|
| Spread: | Treasuries plus 135 bps
|
| Make-whole call: | Treasuries plus 20 bps prior to April 15, 2044, then callable at par
|
| Trade date: | May 6
|
| Settlement date: | May 15
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 140 bps area
|
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