PPG Announces $1 Billion Debt Offering
November 10, 2010
Pittsburgh-based PPG Industries announced that it has priced $1 billion in aggregate principal amount of senior notes. PPG intends to use the net proceeds from this offering to repay a $400 million term loan, to contribute to employee pension plans, to fund certain asbestos claims and for other general corporate purposes. The sale of the notes is expected to close on or about November 12, subject to customary closing conditions.
Of the amount offered, $250 million of 1.900-percent senior notes will be due January 15, 2016, $500 million of 3.600-percent senior notes will be due November 15, 2020, and $250 million of 5.500-percent senior notes will be due November 15, 2040. The senior notes are unsecured and will rank equally in right of payment with PPG’s existing and future unsecured senior indebtedness.
Goldman, Sachs & Co., J.P. Morgan Securities LLC and Morgan Stanley & Co. Incorporated are acting as joint book-running managers for the offering.
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