in this issue
Chemical Finance Digest, June 27-July 1
11:59 AM MDT | July 6, 2011 | By VINCENT VALK
Topping the headlines last week, Bain Capital's Styron is filing for a $400 million IPO. The company filed as Trinseo, which will be its name by the end of the year.
In M&A news, W.R. Grace is pursuing an acquisition that will "significantly enhance" the company's business plan, according to court filings. Meanwhile, PetroChina and Ineos have completed a $1 billion joint venture agreement.
In debt news, Cytec has amended its $400 million credit agreement with an option for expanding its size and extending the maturity. Brenntag has issued $429 million in senior unsecured debt, rated 'Ba1' by Moody's. The debt matures in 2018. It is denominated in euros.
In macroeconomic news, U.S. consumer sentiment and light vehicle sales both fell. "This is not a good report," says IHS Global Insight economist Chris Christopher. "Consumer mood is at depressed levels and most of the economic news has been not been very favorable to consumer confidence and spending—retail sales fell in May for the first time since June 2010."
For the week ahead, June's U.S. employment report – which Christopher says is "not looking very promising" – will be released on Friday.