By Paul A. Harris
St. Louis, April 19 - Chemtura Corp. priced an upsized $500 million issue of 6 7/8% 10-year senior notes (Ba1/BB+) at 99.452 to yield 6.95% on Wednesday, according to a market source.
The yield came tight to the 7% area price talk.
Credit Suisse and Citigroup were joint bookrunners for the SEC-registered notes. The co-managers were ABN Amro, Banc of America Securities LLC, Greenwich Capital, Morgan Stanley and Wachovia Securities.
Proceeds will be used to redeem $164.8 million of the company's senior floating-rate notes and to pay down its revolver.
The issue was upsized from $400 million.
Chemtura is a Middlebury, Conn., global manufacturer and marketer of specialty chemicals, crop protection and pool, spa and home care products.
| Issuer: | Chemtura Corp.
|
| Amount: | $500 million (increased from $400 million)
|
| Maturity: | June 1, 2016
|
| Security description: | Senior notes
|
| Bookrunners: | Credit Suisse, Citigroup
|
| Co-managers: | ABN Amro, Banc of America Securities LLC, Greenwich Capital, Morgan Stanley, Wachovia Securities
|
| Coupon: | 6 7/8%
|
| Price: | 99.452
|
| Yield: | 6.95%
|
| Spread: | 192 bps
|
| Call protection: | Non-callable
|
| Trade date: | April 19
|
| Settlement date: | April 24
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
| Distribution: | SEC registered
|
| Price talk: | 7% area
|
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