Chemours’ early guidance for €450 million eight-year notes in high 3% area to 4%; pricing Tuesday

By Paul A. Harris

Portland, Ore., May 21 – Chemours Co. expects to price €450 million of eight-year senior notes (expected ratings Ba3/BB-) on Tuesday, according to a syndicate source.

Initial price talk is in the high 3% area to 4%.

Citigroup Global Markets Inc. is the left bookrunner for the public offer. J.P. Morgan Securities LLC, Barclays, Credit Suisse Securities (USA) LLC, HSBC Securities (USA) LLC, RBC Capital Markets LLC, BofA Merrill Lynch and Deutsche Bank Securities Inc. are the joint bookrunners.

Mizuho Securities USA Inc., TD Securities (USA) LLC, SunTrust Robinson Humphrey Inc., BNP Paribas Securities Corp. and Citizens are the co-managers.

The notes feature a make-whole call at Treasuries plus 50 basis points for the first three years, then become callable at par plus 75% of the coupon. They also feature a 101% poison put.

The Wilmington, Del.-based provider of performance chemicals plans to use the proceeds to refinance its existing euro-denominated 6 1/8% senior notes due 2023 and partially redeem its dollar-denominated 6 5/8% senior notes due 2023.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.