SNF to sell $700 million of notes in two parts in Thursday drive-by

By Paul A. Harris

Portland, Ore., Sept. 9 – France-based chemical company SNF plans to price $700 million of senior notes (Ba1) in two tranches, according to market sources.

The Rule 144A and Regulation S for life deal is coming as a Thursday drive-by trailing a conference call with investors.

The offering features $350 million of 5.5-year notes (due 2027), which become callable after 2.5 years at par plus 50% of the coupon, initial guidance mid-3% area.

It also features $350 million of 8.5-year notes (due 2030), which become callable after 5.5 years at par plus 50% of the coupon, initial guidance high-3% area.

BofA is the left bookrunner. BNP Paribas is the joint bookrunner. Credit Agricole, Natixis and SG are the co-managers.

The issuing entity will be SPCM SA.

Proceeds will be used to redeem the SPCM 4 7/8% senior notes due 2025 and fund cash to the balance sheet for general corporate purposes.

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