By Andrea Heisinger
New York, Dec. 13 - NewMarket Corp. tapped the market on Thursday for an upsized $350 million of 10-year 4.1% notes (Baa3/BB+/BBB-) priced at 99.83 to yield 240 basis points over Treasuries, a market source and press release said.
The notes were initially talked in the mid-to-high 200 bps area.
There is a change-of-control put feature at 101%. The sale was done under Rule 144A and Regulation S.
J.P. Morgan Securities LLC and RBS Securities Inc. were the bookrunners.
Proceeds will be used to repay a portion of borrowings under a $650 million five-year unsecured revolving credit facility.
Richmond, Va.-based NewMarket, through subsidiaries Afton Chemical Corp. and Ethyl Corp., develops, manufactures, blends and delivers chemical additives for petroleum products.
| Issuer: | NewMarket Corp.
|
| Issue: | Notes
|
| Amount: | $350 million, upsized from $300 million
|
| Maturity: | 2022
|
| Coupon: | 4.1%
|
| Price: | 99.83
|
| Spread: | Treasuries plus 240 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Dec. 13
|
| Settlement: | Dec. 20
|
| Bookrunners: | J.P. Morgan Securities LLC, RBS Securities Inc.
|
| Distribution: | Rule 144A and Regulation S
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BB+
|
| Fitch: BBB-
|
| Price talk: | Mid-to-high 200 bps area
|
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