By Paul A. Harris
Portland, Ore., May 17 – Kraton Corp. and Kraton Polymers Capital Corp. priced a €290 million issue of eight-year senior notes (B3/B) at par to yield 5¼% on Thursday, according to a market source.
Guidance on the deal had been in the mid-5% area.
J.P. Morgan Securities LLC was the lead.
The Houston-based producer of engineered polymers and styrenic block copolymers plans to use the proceeds, plus an additional $90 million in incremental dollar-denominated term loans under its existing senior secured term loan, to tender for and/or redeem its 10½% senior notes due 2023.
| Issuers: | Kraton Polymers LLC and Kraton Polymers Capital Corp.
|
| Amount: | €290 million
|
| Maturity: | May 15, 2026
|
| Securities: | Senior notes
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 5¼%
|
| Price: | Par
|
| Yield: | 5¼%
|
| Call protection: | Three years
|
| Trade date: | May 17
|
| Settlement date: | May 24
|
| Ratings: | Moody's: B3
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S
|
| Guidance: | Mid-5% area
|
| Marketing: | Roadshow
|
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