Grace sets private offering price GCP senior notes

Grace sets private offering price of GCP senior notes

6:27 AM, 27th January 2016
Grace sets private offering price of GCP senior notes

COLUMBIA, US: W R Grace & Co said that GCP Applied Technologies Inc (GCP), its indirect wholly owned subsidiary, has priced an offering of $525,000,000 aggregate principal amount of 9.500 percent senior notes due 2023 at an issue price of 100.0 percent.

The closing of the notes is subject to customary closing conditions, Grace said.

The notes are being issued in connection with GCP’s proposed spin-off from Grace, in which GCP will become an independent publicly traded company, possessing the business, assets and liabilities associated with the Grace construction products segment and the Darex packaging technologies business of Grace.

GCP expects to use the proceeds from the offering; (i)To fund a $500 million distribution to W R Grace & Co–Conn, a direct subsidiary of Grace; (ii)To pay fees and expenses related to the spin-off, the financings, and the other related transactions; and (iii)For general corporate purposes.

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