Ashland prices $375 million senior notes

Ashland prices $375 million of senior notes

11:03 AM, 14th July 2016
Ashland prices $375 million of senior notes

COVINGTON, US: Ashland Inc said that its wholly owned subsidiary Valvoline Finco Two LLC has priced an offering of $375 million aggregate principal amount of 5.5 percent senior notes due 2024.

This offering marks a significant milestone in Ashland's previously announced plan to separate into two independent, publicly traded companies: Ashland Global Holdings Inc composed of Ashland Specialty Ingredients and Ashland Performance Materials, and Valvoline Inc, composed of Ashland's Valvoline business segment.

The notes will be unsecured unsubordinated obligations of Valvoline Finco. The offering is expected to close on 20 July 2016.

Following the contribution of the Valvoline business to Valvoline Inc. Valvoline Finco will merge with and into Valvoline, and Valvoline will assume all of Valvoline Finco's obligations under the notes. The notes will initially be guaranteed on an unsecured basis by Ashland. The Ashland guarantee will automatically be released upon Valvoline's assumption of the notes.

Valvoline Finco intends to transfer the net proceeds of the offering (after deducting initial purchasers' discounts and other fees and expenses) to Ashland. Ashland intends to use such net proceeds to repay borrowings under its senior unsecured credit facilities.

The notes will be offered in the US to qualified institutional buyers pursuant and outside the US pursuant to Regulation S under the Securities Act. The Notes have not been registered under the Securities Act and may not be offered or sold in the US without registration or an applicable exemption from the registration requirements.

© Worldofchemicals News



Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News

Sika opens new concrete admixtures plant in Australia

PERTH, AUSTRALIA: Sika AG has opened a new production plant in Bibra Lake near Perth, paving its way for future growth in Western Australia. The new s ...

Read more
Sweetener used in chewing gum is toxic to dogs, FDA warns

SILVER SPRING, US: The US Food and Drug Administration (FDA) has warned the pet owners about a common sweetener in sugarless chewing gum, mints and ot ...

Read more
PPG enhances durable, printable label stock portfolio

PITTSBURGH, US: PPG Industries has launched a new portfolio of durable, printable and secure label stock, Teslin. This offering will help label conver ...

Read more
Merck introduces new water purification system

DARMSTADT, GERMANY: Merck KGaA has introduced the Elix High-Throughput water purification system, providing laboratories with a reliable water purific ...

Read more
Sabic’s next generation flowpact solution for rigid packaging

SITTARD, THE NETHERLANDS: Sabic has developed the next generation of flowpact polypropylene (PP) impact copolymers to help manufacturers of many types ...

Read more
Heraeus new recycling facility to recover precious metals

HANAU, GERMANY: Heraeus has opened a new recycling facility in Udaipur, India to recover precious metals from spent petroleum catalysts in India. Thi ...

Read more uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X