W.R. Grace to price $550 million seven-year notes in Friday drive-by

By Paul A. Harris

Portland, Ore., June 12 – W. R. Grace & Co. plans to price a $550 million offering of seven-year senior notes (//BB+) in a Friday drive-by, according to market sources and an 8-K filing with the Securities and Exchange Commission.

J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Deutsche Bank Securities Inc., Citigroup Global Markets Inc. and HSBC Securities (USA) Inc. are leading the deal.

The Rule 144A and Regulation S notes come with three years of call protection.

The issuing entity will be W.R. Grace & Co.-Conn, a wholly owned subsidiary of W.R. Grace & Co.

The Columbia, Md.-based specialty chemicals company plans to use the proceeds to redeem a portion of its 5 1/8% senior notes due in 2021, with the remainder, if any, to be used for general corporate purposes.

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