By Andrea Heisinger
New York, Sept. 21 - Cabot Corp. sold an upsized $300 million of 5% seven-year senior unsecured notes on Monday to yield Treasuries plus 200 basis points, according to an FWP filing with the Securities and Exchange Commission.
The size was initially $250 million, a source said.
The notes (Baa1/BBB+/) priced at 99.322 to yield 5.116%. They have a make-whole call at Treasuries plus 30 bps and feature a change-of-control put of 101%.
Bookrunners were J.P. Morgan Securities Inc. and Bank of America Merrill Lynch.
Co-managers were Citigroup Global Markets Inc., Goldman Sachs & Co., HSBC Securities (USA) Inc., Mizuho Securities USA Inc. and RBS Securities Inc.
Proceeds will be used to repay debt under a revolving credit agreement and for general corporate purposes.
The specialty chemical and materials company is based in Boston.
| Issuer: | Cabot Corp.
|
| Issue: | Senior unsecured notes
|
| Amount: | $300 million, increased from $250 million
|
| Maturity: | Oct. 1, 2016
|
| Bookrunners: | J.P. Morgan Securities Inc., Bank of America Merrill Lynch
|
| Co-managers: | Citigroup Global Markets Inc., Goldman Sachs & Co., HSBC Securities (USA) Inc., Mizuho Securities USA Inc., RBS Securities Inc.
|
| Coupon: | 5%
|
| Price: | 99.322
|
| Yield: | 5.116%
|
| Spread: | Treasuries plus 200 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Sept. 21
|
| Settlement date: | Sept. 24
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
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