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Axalta driving by with $500 million 7.25-year senior notes; initial talk 7½%-7¾% area
By Paul A. Harris
Portland, Ore., Nov. 8 – Axalta Coating Systems Ltd. plans to price a $500 million offering of Axalta Coating Systems Dutch Holding B BV 7.25-year senior notes (B1/BB-) in a Wednesday drive-by, according to market sources.
Initial guidance has the deal coming to yield in the 7½% to 7¾% area.
The Rule 144A for life notes come with three years of call protection.
Deutsche Bank Securities Inc. is leading the offering.
Proceeds will be used to redeem €450 million of 3¾% senior notes due 2025 and for general corporate purposes.
The issuing entity is an indirect, wholly owned subsidiary of Axalta Coating Systems, a Philadelphia-based industrial coatings specialist.
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