Ashland to sell $2.3 billion notes in four parts Wednesday or Thursday

By Andrea Heisinger and Paul A. Harris

Portland, Ore., Feb. 20 - Ashland Inc. is in the market with a $2.3 billion four-part offering of notes, which the company expects to price later Wednesday or on Thursday.

An investor call was set for late Wednesday morning.

The deal includes tranches of new three-year, five-year and 12-year notes. In addition Ashland will tap its 4¾% senior notes due Aug. 15, 2022; the original $500 million issue priced at par on Aug. 2, 2012.

Citigroup Global Markets Inc. is the lead left bookrunner for the Rule 144A with registration rights deal, which is being run on the investment-grade desk.

BofA Merrill Lynch, Deutsche Bank Securities Inc., Scotia Capital, PNC Capital Markets, J.P. Morgan Securities LLC, RBS Securities Inc., US Bancorp, Credit Agricole CIB, Fifth Third Securities Inc., HSBC Securities (USA) LLC, Mitsubishi UFJ, Mizuho Securities, SMBC, SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC are the joint bookrunners.

The deal features a 101% poison put.

The Covington, Ky.-based company plans to use the proceeds to repay a substantial amount of its secured term loans A and B.

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