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Nova to refinance up to $350 million in bonds

9:53 AM MDT | July 16, 2013 | Vincent Valk

Nova Chemicals is attempting to refinance up to $350 million in 8.375% senior debt with a new, $500-million private debt issue. The old debt is due in 2016, while the new debt is due in 2023. Proceeds from the new debt issue that are not used to buy back the old debt will be used for "general corporate purposes," Nova says. The interest rate on the new debt has not been disclosed. Holders of the old debt will receive $1,061.60 in cash for every $1,000 held. The offer to purchase the old debt expires on 12 August, although that date may be changed, Nova...

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