Nalco Refinances $1 Billion in Debt; Moody's Raises Credit Rating

Nalco is issuing $1 billion in new debt to refinance three older classes of bonds, two of which m mature in 2013. The new debt, maturing in 2019, will be issued in a private placement, and the interest rate has not been determined. The proceeds from the issuance will fund an offer to buy back two classes of debt, totaling $465 million and $264 million each, both due in 2013. Both classes of debt carry interest rates around 9%. The third class of refinanced debt is composed of $261 million in 9% senior discount bonds. The new debt was rated 'Ba2' by Moody's...

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