Pricing Update: Orica
August 16, 2010
Repeat issuer Orica Limited raised $600 million on the private placement market via ANZ Bank, Bank of America Merrill Lynch, JPMorgan Securities and Wespac, the company said.
The deal, which priced last week, was completed in a combination of four tranches: a $335 million 10-year tranche priced for a 4.53% coupon, an $80 million 12-year tranche priced for a 4.63% coupon, an $85 million 15-year tranche priced for a 4.88% coupon, and a $100 million 20-year tranche priced for a 5.90% coupon. The proceeds will be used to pay back bank lines and commercial paper. The transaction was upsized from $250 million.
Melbourne, Australia-based Orica is rated BBB+ by Standard & Poor’s, and last tapped the U.S. private bond market in 2005 via Citigroup, raising $430 million. Orica is a chemical company geared towards the mining industry. It is publicly listed (ASX:ORI) and has a market capitalization of A$9.24 billion
For more information on related topics, visit the following:
