New Issue: Ashland prices $500 million 10-year notes at par to yield 4¾%

By Paul A. Harris

Portland, Ore., Aug. 2 - Ashland Inc. priced a $500 million issue of non-callable 10-year senior notes (Ba2/BB-/) at par to yield 4¾% on Thursday, according to a syndicate source.

The yield printed at the tight end of yield talk that was set in the 4 7/8% area.

Citigroup Global Markets Inc. was the left bookrunner for the quick-to-market deal.

Deutsche Bank Securities Inc. RBS Securities Inc., Scotia Capital (USA) Inc. and US Bancorp were the joint passive bookrunners.

The Covington, Ky.-based specialty chemical company plans to use the proceeds, together with available cash, to fund a tender offer for any and all of its outstanding 9 1/8% senior notes due June 1, 2017.

Issuer:	Ashland Inc.
Amount:	$500 million
Maturity:	Aug. 15, 2022
Securities:	Senior notes
Left bookrunner:	Citigroup Global Markets Inc.
Joint passive bookrunners:	Deutsche Bank Securities Inc. RBS Securities Inc., Scotia Capital (USA) Inc., US Bancorp
Co-managers:	BBVA, Bank of America Merrill Lynch, Credit Agricole, Fifth Third, J.P. Morgan Securities LLC, PNC Capital Markets LLC, SMBC
Coupon:	4¾%
Price:	Par
Yield:	4¾%
Spread:	328 bps
Call protection:	Non-callable
Make-whole:	Treasuries plus 50 bps
Change-of-control put:	101%
Trade date:	Aug. 2
Settlement date:	Aug. 7
Ratings:	Moody's: Ba2
	Standard & Poor's: BB-
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	4 7/8%
Marketing:	Quick to market

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