Moody’s assigns Olin notes Ba3

Moody’s Investors Service said it assigned a Ba3 rating to Olin Corp.’s proposed $500 million of five-year senior unsecured notes.

Proceeds will be used for general corporate purposes.

“Olin’s proposed debt issuance will enhance cash balances in advance of a $490 million payment to Dow Chemical and an ability to redeem up to $1.2 billion of debt in late 2020,” said Ben Nelson, a Moody’s vice president and senior credit officer, in a press release.

All other ratings remain unchanged, and the outlook remains negative, Moody’s said.

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