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Omnova Issues Debt to Fund Eliokem Deal

5:31 PM MDT | October 14, 2010 | Vincent Valk

Omnova will sell $250 million in new bonds to fund its previously announced acquisition of Eliokem from AXA Private Equity, the company has announced. The interest rate and maturation date of the bonds has yet to be disclosed. A new $200 million term loan will also be use to fund the $300 million acquisition, which is expected to be completed by the end of the year. Late last month, Moody's Investors Service (New York) upgraded Omnova's corporate credit rating to 'B1' from 'B2,' though both ratings are speculative-grade, or 'junk.' The upgrade was attributed to...

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