Ashland Declares Pricing Of Senior Notes Offering Due 2028
Zacks Investment Research | Jan 09, 2020 08:46PM ET
Ashland Global Holdings Inc. (NYSE:ASH) has priced the earlier announced offering of €500 million (nearly $560 million) total principal amount of 2% senior notes due 2028. The offering will be made by its indirect, fully-owned subsidiary, Ashland Services B.V. The notes will be treated as senior unsecured obligations of Ashland Services. Subject to customary closing conditions, the company expects the offering to close on January 23, 2020.
Initially, the notes will be guaranteed by each of Ashland and Ashland LLC, a fully-owned subsidiary of Ashland, on an unsecured basis.
The company plans to employ the net proceeds along with other funds of Ashland LLC or its subsidiaries for purchasing a portion of Ashland LLC’s outstanding 4.75% senior notes due 2022 with total purchase price of up to $575 million. The company will also purchase Hercules LLC’s outstanding 6.6% debentures due 2027 along with Hercules LLC’s outstanding 6.5% junior subordinated debentures due 2029 and Ashland LLC’s outstanding 6.875% senior notes due 2043. These collectively have a total purchase price of up to $250 million.
Moreover, the notes are offered to qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act of 1933. It will also be offered to non-U.S. persons living outside the United States pursuant to Regulation S of the Securities Act.
Shares of Ashland have inched up 0.6% in the past year compared with the Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.