New Issue: Olin prices upsized $550 million 12-year notes at par to yield 5%

By Paul A. Harris

Portland, Ore., Jan. 16 – Olin Corp. priced an upsized $550 million issue of 12-year senior notes (Ba1/BB) at par to yield 5% in a quick-to-market Tuesday transaction, according to a syndicate source.

The issue size was increased from $500 million.

The yield printed at the tight end of the 5% to 5¼% yield talk.

Citigroup Global Markets Inc. was 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. were the joint bookrunners.

The Clayton, Mo.-based manufacturer of ammunition, chlorine and sodium hydroxide plans to use the proceeds, including the additional proceeds resulting in the $50 million upsizing of the deal, together with $8.9 million of cash on hand, to prepay $550 million of term loans.

Issuer:	Olin Corp.
Amount:	$550 million, increased from $500 million
Maturity:	Feb. 1, 2030
Securities:	Senior notes
Left bookrunner:	Citigroup Global Markets Inc.
Joint bookrunners:	J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BofA Merrill Lynch, PNC Capital Markets, SMBC Nikko, Scotia Capital, MUFG, Deutsche Bank Securities Inc.
Co-manager:	TD Securities
Coupon:	5%
Price:	Par
Yield:	5%
Spread:	245 bps
First call:	Make-whole call at Treasuries plus 50 bps until Feb. 1, 2024, then callable at 102.5
Equity clawback:	35% at 105 until Feb. 1, 2021
Trade date:	Jan. 16
Settlement date:	Jan. 19
Ratings:	Moody's: Ba1
	S&P: BB
Distribution:	SEC registered
Price talk:	5% to 5¼%
Marketing:	Quick to market

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