Axalta to price $600 million eight-year senior notes on Monday; whisper mid to high 3% area

By Abigail W. Adams

Portland, Me., Nov. 9 – Axalta Coating Systems LLC plans to price $600 million of eight-year senior notes (existing B1/BB-) in a Monday drive-by with initial guidance for a yield in the mid to high 3% area, sources said.

The notes are non-callable for three years.

Barclays (bill and deliver), BofA Securities Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Truist Securities Inc. are bookrunners for the Rule 144A for life offering.

There is an equity clawback of up to 40% of the notes for 3.25 years.

Proceeds will be used, in addition to cash on the balance sheet, to redeem the company’s dollar- and euro-denominated notes due 2024.

Axalta is a Philadelphia-based coatings company for light and commercial vehicles, industrial and refinish applications.

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