08.03.16
Axalta Coating Systems Ltd. has announced that its indirect, wholly owned subsidiary, Axalta Coatings Systems, LLC (the “Issuer”), priced its offering of $500.0 million in aggregate principal amount of 4.875% Senior Notes due 2024 (the “Dollar Notes”) and €335.0 million in aggregate principal amount of 4.250% Senior Notes due 2024 (the “Euro Notes” and, together with the Dollar Notes, 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 Axalta Coating Systems Dutch Holdings B B.V., an indirect, wholly owned subsidiary of the Company (“Dutch Parent”) and each of Dutch Parent’s existing restricted subsidiaries, 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 $750.0 million outstanding aggregate principal amount of the 7.375% senior notes due 2021 of Axalta Coating Systems U.S. Holdings, Inc., an indirect, wholly owned subsidiary of the Company, and Dutch Parent, to pay related transaction costs and expenses and for general corporate purposes, including to add cash to the balance sheet. The Notes offering is expected to close on August 16, 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.
This press release shall not constitute an offer to sell nor a solicitation of an offer to buy any security, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The Notes will be fully and unconditionally guaranteed by Axalta Coating Systems Dutch Holdings B B.V., an indirect, wholly owned subsidiary of the Company (“Dutch Parent”) and each of Dutch Parent’s existing restricted subsidiaries, 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 $750.0 million outstanding aggregate principal amount of the 7.375% senior notes due 2021 of Axalta Coating Systems U.S. Holdings, Inc., an indirect, wholly owned subsidiary of the Company, and Dutch Parent, to pay related transaction costs and expenses and for general corporate purposes, including to add cash to the balance sheet. The Notes offering is expected to close on August 16, 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.
This press release shall not constitute an offer to sell nor a solicitation of an offer to buy any security, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.