Olin Corporation, the parent of Winchester, announced the pricing of its offering of $550 million aggregate principal amount of senior notes due 2030.
The offering was upsized to $550 million from the previously announced offering size of $500 million. The senior notes will mature on February 1, 2030, will have an interest rate of 5.0 percent and will be issued at 100 percent of par value. Interest will be paid semi-annually on the 1st day of February and August, beginning August 1, 2018.
The underwriters for the transaction are Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, PNC Capital Markets LLC, SMBC Nikko Securities America, Inc., Scotia Capital (USA) Inc., MUFG Securities Americas Inc., Deutsche Bank Securities Inc. and TD Securities (USA) LLC.
Olin expects to use the net proceeds of the offering, together with cash on hand, to prepay in part the term loans outstanding under Olin’s existing term loan credit facility, which is scheduled to mature in 2022. Closing of the offering is expected to occur on January 19, 2018, subject to customary closing conditions.
Olin Corporation is a leading vertically-integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. The chemical products produced include chlorine and caustic soda, vinyls, epoxies, chlorinated organics, bleach and hydrochloric acid. Winchester’s principal manufacturing facilities produce and distribute sporting ammunition, law enforcement ammunition, reloading components, small caliber military ammunition and components, and industrial cartridges.
