Published on 7/11/2019 in the Prospect News High Yield Daily.
New Issue: Olin prices $750 million 10-year notes at par to yield 5 5/8%
By Paul A. Harris
Portland, Ore., July 11 – Olin Corp. priced a $750 million issue of 10-year senior notes (Ba1/BB+) at par to yield 5 5/8% in a Thursday drive-by, according to market sources.
The yield came in the middle of the 5½% to 5¾% early guidance, an investor said.
J.P. Morgan Securities LLC, BofA Securities Inc., Citigroup Global Markets Inc., MUFG, PNC Capital Markets LLC, SMBC Nikko Securities America Inc. and Wells Fargo Securities LLC were the joint bookrunners.
The Clayton, Mo.-based ammunition maker plans to use the proceeds to repay term loan debt and for general corporate purposes.
| Issuer: | Olin Corp.
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| Amount: | $750 million
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| Maturity: | Aug. 1, 2029
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| Securities: | Senior notes
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| Bookrunners: | J.P. Morgan Securities LLC, BofA Securities Inc., Citigroup Global Markets Inc., MUFG, PNC Capital Markets LLC, SMBC Nikko Securities America Inc. and Wells Fargo Securities LLC
|
| Co-manager: | TD Securities (USA) LLC
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| Coupon: | 5 5/8%
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| Price: | Par
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| Yield: | 5 5/8%
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| First call: | Aug. 1, 2024 at 102.813
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| Equity clawback: | 35% at 105.625 until Aug. 1, 2022
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| Trade date: | July 11
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| Settlement date: | July 16
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| Ratings: | Moody's: Ba1
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| S&P: BB+
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| Distribution: | SEC registered
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| Price talk: | 5½% to 5¾%
|
| Marketing: | Quick to market
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