09.14.16
Axalta Coating Systems Ltd. has announced that its indirect, wholly owned subsidiary, Axalta Coating Systems Dutch Holding B B.V. (the “Issuer”), priced its offering of €450.0 million in aggregate principal amount of 3.75% Senior Notes due 2025 (the “Notes”). The Notes are being offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States in compliance with Regulation S under the Securities Act.
The Notes will be fully and unconditionally guaranteed by each of the Issuer’s existing and future restricted subsidiaries that is a borrower under or that guarantees the Issuer’s senior secured credit facility, subject to certain exceptions, but will not be guaranteed by the Company. The Issuer expects to use the net proceeds of this offering to redeem the €250.0 million outstanding aggregate principal amount of the 5.750% senior secured notes due 2021 of the Issuer and Axalta Coating Systems U.S. Holdings, Inc., an indirect, wholly owned subsidiary of the Company, to prepay a portion of the outstanding principal borrowings under its euro-denominated term loan credit facility and to pay related transaction costs and expenses. The Notes offering is expected to close on or about September 27, 2016, subject to customary conditions.
The Notes will not be registered under the Securities Act, or any state securities laws, and may not be offered or sold in the United States absent registration, except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.
The Notes will be fully and unconditionally guaranteed by each of the Issuer’s existing and future restricted subsidiaries that is a borrower under or that guarantees the Issuer’s senior secured credit facility, subject to certain exceptions, but will not be guaranteed by the Company. The Issuer expects to use the net proceeds of this offering to redeem the €250.0 million outstanding aggregate principal amount of the 5.750% senior secured notes due 2021 of the Issuer and Axalta Coating Systems U.S. Holdings, Inc., an indirect, wholly owned subsidiary of the Company, to prepay a portion of the outstanding principal borrowings under its euro-denominated term loan credit facility and to pay related transaction costs and expenses. The Notes offering is expected to close on or about September 27, 2016, subject to customary conditions.
The Notes will not be registered under the Securities Act, or any state securities laws, and may not be offered or sold in the United States absent registration, except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.