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Venator starts roadshow for $350 million eight-year notes for spinoff
By Paul A. Harris
Portland, Ore., June 26 – Huntsman Corp. and Venator Materials plc began a roadshow on Monday in New York for a $350 million offering of eight-year senior notes (B2/BB-), according to a syndicate source.
A New York investor meeting and investor conference call were scheduled to begin at 12:45 p.m. ET on Monday.
The roadshow will continue in New York on Tuesday and move to Boston on Wednesday and the West Coast of the United States on Thursday.
The Rule 144A and Regulation S for life offer is set to price thereafter.
Citigroup Global Markets Inc. is the left bookrunner. BofA Merrill Lynch, JP Morgan Securities LLC, Barclays, HSBC, PNC Capital Markets, RBC Capital Markets LLC, Goldman Sachs & Co. and SunTrust Robinson Humphrey are the joint bookrunners.
The notes feature a make-whole call at Treasuries plus 50 basis points for the first three years, then become callable at par plus 75% of the coupon. They also feature a three-year 40% equity clawback at par plus the coupon and a 101% poison put.
Proceeds will initially be placed into escrow pending an initial public offering and will then be used to repay inter-company debt owed to Huntsman and to pay a dividend to Huntsman and its subsidiaries. The transactions are part of the spinoff of Venator from Huntsman.
The notes have a special mandatory redemption should the spinoff not be completed by March 31, 2018, in which case the issuer will redeem the notes at par plus accrued interest.
The issuing entities will be Venator Finance Sarl and Venator Materials Corp., wholly owned subsidiaries of Huntsman and Venator Materials.
The issuers are manufacturers and marketers of chemical products and are headquartered in The Woodlands, Texas.
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