Chemours Closes on Notes, Credit Facilities
Chemours, DuPont's new stand-alone incorporating its Performance Chemicals business, has completed an offering of $1,350 million 6.625% senior notes due in 2023, $750 million 7% senior notes due in 2025 and €360 million 6.125% senior notes due in 2023.
The company, which will be formally spun off from the US chemical giant on July 1 of this year, also has entered into a credit agreement with a syndicate of banks providing for a seven-year $1.5 billion senior secured Term Loan B Facility and a five-year $1.0 billion senior secured Revolving Credit Facility.
Proceeds from the transactions have been used to fund a distribution to DuPont of approximately $3.9 billion, in recognition of the assets the former owner contributed.
"It is critical to get the backing from the debt capital markets as we near the launch of The Chemours Company as an independent company on July 1. We are pleased with the market reception following our debt roadshows, which has been very favorable and supportive of our strategic plans for Chemours," said CEO-designate Mark Vergnano.
The company also has announced the appointment of E. Bryan Snell as president of its Titanium Technologies business, with immediate effect. Snell, who joined the former DuPont division in 1992 as production unit manager, replaces BC Chong, who led the business since 2011.