Olin Corp. marketing $150 million 10-year senior notes through Friday

By Paul Deckelman

New York, Aug. 13 - Olin Corp. is shopping a $150 million issue of 10-year senior notes around to prospective investors, a high yield primary market source said Thursday.

The roadshow began Thursday with an investor luncheon and would continue on Friday, he said, but declined to predict whether the notes would price on Friday.

Olin earlier announced plans to sell the notes via a public offering under its shelf registration statement on file with the Securities and Exchange Commission.

The notes will have a make-whole call for the first five years and a standard call provision after that. There will be an equity clawback for the first three years.

The deal will be brought to market via joint bookrunners Citigroup Global Markets Inc. and Bank of America Merrill Lynch. Wells Fargo Securities will act as co-manager on the deal.

Olin, a Clayton, Mo.-based manufacturer of chemicals and small-caliber ammunition for firearms, the latter sold under the iconic Winchester brand, said it is pursing the bond deal to strengthen its long-term liquidity "given uncertain economic times." It will also use part of the proceeds to prefund a debt maturity in 2011.

Moody's Investors Service has assigned the proposed bond deal a Ba1 rating.

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