By Paul A. Harris
Portland, Ore., May 8 – Venator Materials plc priced a $225 million issue of 9½% five-year senior secured notes (B1/B) at 98 on Friday, according to a market source.
Barclays was the underwriter.
The notes were sold via Venator Finance Sarl and Venator Materials LLC.
The Wynard, U.K.-based chemical company plans to use the proceeds to repay debt under its ABL facility and for general corporate purposes, including enhancing its liquidity position.
Issuers: | Venator Finance Sarl and Venator Materials LLC
|
Amount: | $225 million
|
Maturity: | July 1, 2025
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Securities: | Senior secured notes
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Manager: | Barclays
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Coupon: | 9½%
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Price: | 98
|
Call protection: | Two years
|
Trade date: | May 8
|
Ratings: | Moody's: B1
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| S&P: B
|
Distribution: | Rule 144A and Regulation S
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