By Paul A. Harris
Portland, Ore., Jan. 7 – Ashland Global Holdings Inc. priced a €500 million issue of eight-year senior bullet notes (Ba1/BB+) on Thursday, according to market sources.
Price talk was in the 2¼% area.
Citigroup Global Markets Inc. led the deal.
The Covington, Ky.-based chemical company plans to use the proceeds, together with its delayed-draw term loan A and other funds, to fund tender offers for a portion of Ashland LLC’s 4¾% senior notes due 2022, Hercules LLC’s 6.6% debentures due 2027, Ashland LLC’s 6 7/8% senior notes due 2043 and Hercules’ 6½% junior subordinated debentures due 2029.
| Issuer: | Ashland Global Holdings Inc.
|
| Amount: | €500 million
|
| Tenor: | Eight years
|
| Securities: | Senior notes
|
| Lead: | Citigroup Global Markets Inc.
|
| Coupon: | 2%
|
| Call protection: | Non-callable
|
| Trade date: | Jan. 9
|
| Settlement date: | Jan. 23
|
| Ratings: | Moody's: Ba1
|
| S&P: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 2¼% area
|
| Marketing: | Roadshow
|
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