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Axalta refinances debt

January 19/2021

MOSCOW (MRC) -- Axalta has issued USD700 million in senior bonds due 2029 to institutional buyers in a bid refinance debt, according to Chemweek.

The bonds will carry an interest rate of 3.375%, and the offering was upsized from an initial announcement of USD600 million.

Proceeds from the new bonds will refinance two tranches of senior bonds, both due 2024. One USD500 million tranche carries an interest rate of 4.875%, and the other EUR335 million (USD397 million) tranche carries an interest rate of 4.250%. The new bond offering closed on 24 November, 2020.

As MRC reported before, in early November, 2020, Axalta said that it will realign its business structure to fold most organizational functions into its two global business units, transportation coatings and performance coatings.

The plan follows earlier restructuring moves announced over last summer, and will involve the closure of Axaltas offices in Center City, Philadelphia. Employees at those offices will be transferred to Glen Mills, Pennsylvania, a Philadelphia suburb that will become the site of Axaltas headquarters, or to an office at the Philadelphia Navy Yard. Axaltas regional headquarters at Basel, Switzerland and Shanghai, China will remain open and regional leaders will continue to play an important role in the organization, the company says. The reorganization became effective 1 January 2021, and the office closures and shifts in the Philadelphia area will occur in the middle of this year.

We remind that Russia's output of chemical products rose in November 2020 by 9.5% year on year. At the same time, production of basic chemicals increased in the first eleven months of 2020 by 6.6% year on year, according to Rosstat's data. According to the Federal State Statistics Service of the Russian Federation, polymers in primary form accounted for the greatest increase in the January-November 2020 output. November production of polymers in primary form rose to 896,000 tonnes from 852,000 tonnes in October. Overall output of polymers in primary form totalled 9,240,000 tonnes over the stated period, up by 17.1%  year on year.
Author:Margaret Volkova
Tags:propylene, ethylene, coatings, paints and coatings, Axalta Coating Systems, China, Russia, USA, Switzerland.
Category:General News
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