PPG Industries Prices Euro-Denominated Senior Notes - Analyst Blog
PPG Industries Inc. PPG has announced the pricing of its previously reported public offering of euro-denominated senior notes. PPG Industries has agreed to issue €600 million aggregate principal amount of 0.875% notes due 2022 at an issue price of 99.555% of the aggregate principal amount. The other €600 million aggregate principal amount of 1.40% notes due 2027 will be issued at a price of 98.628% of the principal amount.
The offering, which is subject to customary closing conditions, is anticipated to close on or around Mar 13, 2015. The interest on notes will be paid annually.
The joint book-running managers for the notes offering are BNP Paribas; Deutsche Bank AG, London Branch; HSBC Bank plc; J.P. Morgan Securities plc and Mitsubishi UFJ Securities International plc. The company intends to use the proceeds from the offering for general corporate purposes.
The offering will be made following PPG Industries’ filing of the registration statement on Form S-3 with the U.S. Securities and Exchange Commission (“SEC”). Investors can follow a prospectus, which is part of the registration statement, and documents detailing the offering, on the SEC website.
On March 6, PPG Industries had announced the offering of euro-denominated senior notes in two parts (read more: PPG Industries to Offer Euro-Denominated Senior Notes).
Zacks Rank
PPG Industries currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the diversified chemical space include Asahi Kasei Corp. AHKSY, Innospec Inc. IOSP and Air Products & Chemicals Inc. APD. While Asahi Kasei and Innospec sport a Zacks Rank #1 (Strong Buy), Air Products carries a Zacks Rank #2 (Buy).
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