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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 Axalta’s 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 Axalta’s headquarters, or to an office at the
Philadelphia Navy Yard. Axalta’s 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. |
