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Markets :: Specialty Chemicals :: Paints and Coatings
PPG Issues $1 Billion in Debt in Three Parts
9:21 AM MST | November 9, 2010 | Vincent Valk
PPG is issuing a total of $1 billion in new debt in three different parts, one $500 million and two $250 million each. The $500 million portion carries an interest rate of 3.6% and will mature in 2020. The two $250 million parts have interest rates and maturation dates of 1.9% and 2016, and 5.5% and 2040, respectively. The proceeds from the debt sale will go towards repaying a $400 million term loan, and to fund asbestos claims and employee pension obligations, the company says. Moody's Investors Service (New York) rated the debt 'Baa1,' while Standard and Poor's...
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