Univar talks $400 million notes at 6¾% area, pricing Wednesday

By Paul A. Harris

Portland, Ore., June 23 – Univar Inc. talked its $400 million offering of eight-year senior notes (Caa1/B) to yield in the 6¾% area, a market source said on Tuesday.

The books close at 2 p.m. ET on Wednesday and the deal is set to price on Wednesday afternoon.

BofA Merrill Lynch, Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, HSBC Bank, SunTrust Robinson Humphrey, Morgan Stanley & Co., Barclays, Citigroup Global Markets and Credit Suisse Securities (USA) LLC are the joint bookrunners for the Rule 144A/Regulation S for life offering.

MUFG, US Bancorp, SMBC Nikko and ING are the co-managers.

The notes come with three years of call protection and feature a three-year 40% equity clawback and a 101% poison put.

The Downers Grove, Ill.-based distributor of industrial and specialty chemicals plans to use the proceeds, together with cash on hand and borrowings under new credit facilities, to refinance certain debt under its existing senior secured credit facilities.

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