Olin to price $500 million 12-year notes in Tuesday drive-by

By Paul A. Harris

Portland, Ore., Jan. 16 – Olin Corp. plans to price a $500 million offering of 12-year senior notes (expected ratings Ba1/BB) in a quick-to-market Tuesday transaction trailing a mid-morning conference call with investors, according to a syndicate source.

Citigroup Global Markets Inc. is the left bookrunner. J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BofA Merrill Lynch, PNC Capital Markets, SMBC Nikko, Scotia Capital, MUFG and Deutsche Bank Securities Inc. are the joint bookrunners. TD Securities is the co-manager.

The publicly offered notes feature a make-whole call at Treasuries plus 50 basis points for the first six years, then become callable at par plus 50% of the coupon. The notes also feature a three-year 35% equity clawback at par plus the coupon, and a 101% poison put.

The Clayton, Mo.-based manufacturer of ammunition, chlorine and sodium hydroxide plans to use the proceeds to repay a portion of its term loan A.

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