By Paul A. Harris
Portland, Ore., June 12 – W. R. Grace & Co. priced an upsized $750 million issue of seven-year senior notes (Ba3/existing BB-/BB+) at par to yield 4 7/8% in a Friday drive-by, according to market sources.
Bookrunners were J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Deutsche Bank Securities Inc., Citigroup Global Markets Inc. and HSBC Securities (USA) Inc.
The issue size increased from $550 million.
The yield printed in the middle of the 4¾% to 5% yield talk.
The notes were sold via subsidiary W.R. Grace & Co.-Conn.
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 and for general corporate purposes.
| Issuer: | W.R. Grace & Co.-Conn
|
| Amount: | $750 million, increased from $550 million
|
| Tenor: | Seven years
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Deutsche Bank Securities Inc., Citigroup Global Markets Inc. and HSBC Securities (USA) Inc.
|
| Coupon: | 4 7/8%
|
| Price: | Par
|
| Yield: | 4 7/8%
|
| Spread: | 435 bps
|
| Call protection: | Three years
|
| Trade date: | June 12
|
| Settlement date: | June 26
|
| Ratings: | Moody's: Ba3
|
| S&P: BB- (existing)
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4¾% to 5%
|
| Marketing: | Drive-by
|
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