Orion Engineered Carbons plans $380 million PIK toggle notes sale

By Paul A. Harris

Portland, Ore., Jan. 24 - Orion Engineered Carbons Finance plans to start a roadshow on Friday in London for a $390 million offering of six-year PIK toggle notes (expected ratings Caa1/CCC+), according to a market source.

The roadshow moves to the United States for presentations on Monday and Tuesday.

The deal is expected to price during the week ahead.

Goldman Sachs is the physical bookrunner. Barclays, JPMorgan and UBS are the joint bookrunners.

The Rule 144A and Regulation S notes come with one year of call protection.

Proceeds will be used to fund a distribution to shareholders.

The notes will be guaranteed by Kinove Luxembourg Holdings.

Orion Engineered Carbons is a Frankfurt-based producer of carbon black.

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