W.R. Grace to redeem 5 1/8% notes due 2021 with proceeds of new notes

By Rebecca Melvin

New York, June 12 – W.R. Grace & Co. plans to redeem a portion of its 5 1/8% senior notes due in 2021 with the proceeds of new notes, according to company news release.

The company plans to price a $550 million offering of seven-year senior notes (Ba3//BB+) in a Friday drive-by. The issuing entity will be W.R. Grace & Co.-Conn, a wholly owned subsidiary of W.R. Grace & Co.

Any remaining proceeds after the redemption of the 2021 notes will be used for general corporate purposes.

The specialty chemicals company is based in Columbia, Md.

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