New Issue: A. Schulman sells $375 million eight-year notes at par to yield 6 7/8%

By Paul A. Harris

Portland, Ore., May 7 – A. Schulman, Inc. priced a $375 million issue of eight-year senior notes (B3/B+) at par to yield 6 7/8% on Thursday, according to a syndicate source.

The yield printed at the tight end of yield talk in the 7% area.

BofA Merrill Lynch was the left bookrunner. J.P. Morgan Securities LLC and Citigroup Global Markets Inc. were the joint bookrunners.

Proceeds will be used to help fund the acquisition of Evansville, Ind.-based global composite plastics company Citadel Plastics Holdings, Inc.

A. Schulman is a global plastics supplier based in Fairlawn, Ohio.

Issuer:	A. Schulman, Inc.
Amount:	$375 million
Maturity:	June 1, 2023
Securities:	Senior notes
Left bookrunner:	BofA Merrill Lynch
Joint bookrunners:	J.P. Morgan Securities LLC, Citigroup Global Markets Inc.
Co-managers:	HSBC Bank, PNC Capital Markets, Fifth Third Bank, Commerzbank, BBVA, RBS Securities Inc.
Coupon:	6 7/8%
Price:	Par
Yield:	6 7/8%
Spread:	480 bps
Call protection:	Three years
Trade date:	May 7
Settlement date:	May 26
Ratings:	Moody's: B3
	Standard & Poor's: B+
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	7% area
Marketing:	Roadshow

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