Ashland (ASH) Declares Completion Of Senior Notes Offering
Zacks Investment Research | Jan 24, 2020 06:32AM ET
Ashland Global Holdings Inc.’s (NYSE:ASH) fully-owned subsidiary, Ashland Services B.V, declared that it completed its earlier announced offering of €500 million (roughly $560 million) total principal amount of 2% senior notes due 2028.
The notes are treated as senior unsecured obligations of Ashland Services B.V. Notably, the notes were guaranteed initially by each Ashland and Ashland LLC, a fully-owned subsidiary of Ashland, on an unsecured basis.
Ashland used the net proceeds from the senior notes offering along with its delayed draw Term Loan A facility and other funds of Ashland LLC or its subsidiaries to purchase Ashland LLC’s outstanding 4.75% senior notes (having a total principal amount of $671,209,000) slated to mature in 2022.
The company also purchased Hercules LLC’s outstanding 6.6% debentures (having a total principal amount of $25,000) slated to mature in 2027 and outstanding 6.500% junior subordinated debentures (having a total principal amount of $2,925,000) slated to mature in 2029, and Ashland LLC’s outstanding 6.875% senior notes (having a total principal amount of $92,153,000) slated to mature in 2043.
Moreover, the notes were offered to qualified institutional buyers in the United States, pursuant to Rule 144A under the Securities Act of 1933. It was also offered to non-U.S. residents, pursuant to Regulation S of the Securities Act.
Shares of Ashland have gained 13.9% in the past year compared with the Zacks Investment Research
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