New Issue: NOVA Chemicals prices $500 million 10-year notes at par to yield 5¼%

By Paul A. Harris

Portland, Ore., July 16 - NOVA Chemicals Corp. priced a $500 million issue of 10-year senior notes (Ba2/BB+) at par to yield 5¼% on Tuesday, according to a syndicate source.

The yield printed at the tight end of the 5¼% to 5½% yield talk.

Barclays, HSBC Securities (USA) Inc., RBC Capital Markets LLC, Scotia Capital (USA) Inc. and TD Securities (USA) LLC were the joint bookrunners for the quick-to-market deal.

The Calgary, Alta.-based chemical company plans to use the proceeds to fund the concurrent tender offer for its 2016 notes and for general corporate purposes, which may include redemption of any 2016 notes not tendered.

Issuer:	NOVA Chemicals Corp.
Amount:	$500 million
Maturity:	Aug. 1, 2023
Securities:	Senior notes
Bookrunners:	Barclays, HSBC Securities (USA) Inc., RBC Capital Markets, LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC
Coupon:	5¼%
Price:	Par
Yield:	5¼%
Call features:	Callable on Aug. 1, 2018 at 102.625, 101.75, 100.875, par on and after Aug. 1, 2021
Equity clawback:	35% at 105.25 until Aug. 1, 2016
Change-of-control put:	101%
Trade date:	July 16
Settlement date:	July 30
Ratings:	Moody's: Ba2
	Standard & Poor's: BB+
Distribution:	Rule 144A and Regulation S for life
Price talk:	5¼% to 5½%
Marketing:	Quick to market

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