By Paul A. Harris
Portland, Ore., March 6 – Olin Corp. priced a $500 million issue of 10.5-year senior notes (Ba1/BB) at par to yield 5 1/8% on Monday, according to a market source.
The yield printed on top of yield talk in the 5 1/8% area and at the tight end of the 5 1/8% to 5 3/8% initial guidance.
BofA Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Citigroup Global Markets Inc., SMBC Nikko, PNC Capital Markets LLC, Scotiabank and MUFG were the bookrunners.
Proceeds will be used to prepay some of the loans outstanding under the Sumitomo credit facility, which was used to refinance then-existing Blue Cube debt, as well as to pay fees and expenses in connection with the acquisition of the DCP business and for general corporate purposes.
The prospective issuer is a Clayton, Mo.-based manufacturer of ammunition, chlorine and sodium hydroxide.
| Issuer: | Olin Corp.
|
| Amount: | $500 million
|
| Maturity: | Sept. 15, 2027
|
| Securities: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Citigroup Global Markets Inc., SMBC Nikko, PNC Capital Markets LLC, Scotiabank, MUFG
|
| Co-manager: | TD Securities
|
| Coupon: | 5 1/8%
|
| Price: | Par
|
| Yield: | 5 1/8%
|
| Spread: | 263 bps
|
| Call protection: | Five years
|
| Trade date: | March 6
|
| Settlement date: | March 9
|
| Ratings: | Moody's: Ba1
|
| S&P: BB
|
| Distribution: | SEC registered
|
| Price talk: | 5 1/8% area
|
| Marketing: | Quick to market
|
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