Axalta talks $600 million eight-year senior notes at 3˝% area yield; pricing Monday

By Abigail W. Adams

Portland, Me., Nov. 9 – Axalta Coating Systems LLC talked its $600 million of eight-year senior notes (existing B1/BB-) to come with a yield in the 3˝% area, according to a market source.

Initial guidance was for a yield in the mid to high 3% area, sources said.

Books close at 2 p.m. ET on Monday with pricing expected thereafter.

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.

© 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.