Orion Engineered Carbons talks $390 million six-year PIK toggle notes to yield 9½%-9¾%

By Paul A. Harris

Portland, Ore., Jan. 28 - Orion Engineered Carbons Finance talked its $390 million offering of six-year PIK toggle notes (confirmed Caa1/expected CCC+) to yield 9½% to 9¾%, a market source said on Monday.

The deal is set to price on Tuesday.

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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