Atotech markets $300 million five-year PIK toggle notes backing dividend; initial talk 8½% area

By Paul A. Harris

Portland, Ore., May 21 – Germany-based Atotech BV plans to price a $300 million offering of five-year senior PIK toggle notes (CCC+) at the end of a roadshow expected to run through the May 21 week, according to a market source.

The issuing entities will be Alpha 3 BV, the indirect parent of Atotech, and Alpha 2 BV, the direct parent of Alpha 3.

Original guidance is in the 8½% area, the source added.

J.P. Morgan Securities LLC has the lead for the Rule 144A and Regulation S offering.

The notes come with one year of call protection.

Proceeds will be used to fund a distribution to stockholders.

Atotech, based in Berlin, is a manufacturer of specialty plating chemicals and equipment.

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