Rockwood Sells Bonds

Rockwood is issuing $1.25 billion in new senior unsecured debt due 2020, the company says. Moody’s has rated the debt Ba2, a notch below Rockwood’s corporate credit rating. S&P expects the proceeds to be used to fund the acquisition of Talison Lithium, pay down about $250 million in senior secured debt, and for other corporate purposes. A source close to the situation says the debt will fetch an interest rate of 4.625%, and that the size of the deal grew on strong interest from investors. At CW press time, U.S. seven-year treasuries were yielding 1.03%...

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