PolyOne pricing $600 million 10-year bullet senior notes Wednesday

By Paul A. Harris and Aleesia Forni

Columbus, Ohio, Feb. 13 - PolyOne Corp. plans to sell $600 million senior notes due 2023 (existing ratings Ba3/B+) on Wednesday, according to a market source.

The company was scheduled to hold an investor call at 11 a.m. ET.

BofA Merrill Lynch and Wells Fargo Securities LLC are the joint bookrunners.

HSBC Securities (USA) Inc., KeyBanc Capital Markets LLC and Moelis are the co-managers.

The Rule 144A with registration rights and Regulation S notes will be non-callable and carry a make-whole call at Treasuries plus 50 bps.

The notes feature a 101% poison put.

Proceeds will be used to fund a portion of the Spartech acquisition, to make a $50 million contribution to PolyOne's U.S. defined benefit plan, to repay the company's term loan in its entirety and for general corporate purposes.

PolyOne is an Avon Lake, Ohio-based provider of specialized polymer materials, services and solutions.

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