New Issue: Versum Materials prices $425 million 5½% eight-year notes at par

By Paul A. Harris

Portland, Ore., Sept. 21 – Versum Materials, Inc. priced a $425 million issue of eight-year senior notes (Ba3/BB-) at par to yield 5½% on Wednesday, according to a market source.

The yield printed at the tight end of yield talk in the 5 5/8% area.

Deutsche Bank Securities Inc., Citigroup Global Markets Inc., HSBC and Wells Fargo Securities LLC were the joint bookrunners.

The Lehigh Valley, Pa.-based industrial materials company plans to use the proceeds to help fund a proposed pro rata distribution of Versum common stock to its stockholders and Versum’s expected distribution of cash to Air Products prior to the spinoff of Versum from Air Products.

Issuer:	Versum Materials, Inc.
Amount:	$425 million
Maturity:	Sept. 30, 2024
Securities:	Senior notes
Bookrunners:	Deutsche Bank Securities Inc., Citigroup Global Markets Inc., HSBC, Wells Fargo Securities LLC
Co-managers:	BofA Merrill Lynch, Mizuho Securities, MUFG
Coupon:	5½%
Price:	Par
Yield:	5½%
Spread:	393 bps
First call:	Sept. 30, 2021 at 102.75
Trade date:	Sept. 21
Settlement date:	Sept. 30
Ratings:	Moody's: Ba3
	S&P: BB-
Distribution:	Rule 144A and Regulation S
Price talk:	5 5/8% area
Marketing:	Roadshow

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