Olin starts roadshow for $1.5 billion senior notes in two tranches for acquisition financing

By Paul A. Harris

Portland, Ore., Sept. 15 – Olin Corp. began a roadshow on Tuesday for a $1.5 billion two-part offering of senior notes (expected ratings Ba1/BB+), according to a market source.

The Rule 144A and Regulation S with registration rights deal, which is expected to price on Sept. 22, includes eight-year notes and five-year notes, with tranche sizes remaining to be determined.

J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Barclays, Goldman Sachs & Co., BofA Merrill Lynch, Citigroup Global Markets Inc. and PNC Capital Markets are the joint bookrunners.

MUFG, SMBC Nikko, Mizuho Securities, Santander, Scotia Capital and TD Securities are the co-managers.

The notes in both tranches come with five years of call protection.

The issuing entity will be Blue Cube Spinco Inc.

Proceeds will be used to fund the acquisition of Dow Chemical Co.’s chlorine businesses in a transaction valued at $4.8 billion.

Olin is a Clayton, Mo.-based manufacturer of ammunition, chlorine and sodium hydroxide.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.