NOVA Chemicals announces private offering of C$400 million of senior secured notes

On November 9, 2023, NOVA Chemicals Corporation (“NOVA Chemicals”) announced pricing for its previously announced private offering of C$400 million of senior secured notes.

The notes, which have an interest rate of 8.50% per annum, are structured as 5-year non-call 2, including a special redemption feature to redeem up to 10% annually at 103% during the non-call period, due 2028.

RBC Capital Markets, LLC. acted as lead bookrunner on the offering of the 2028 notes, and TD Securities (USA) LLC, HSBC Securities (USA) Inc., Scotia Capital (USA) Inc., Barclays Capital Inc., PNC Capital Markets LLC, Morgan Stanley & Co. LLC, Loop Capital Markets LLC, SMBC Nikko Securities America, Inc, and National Bank of Canada Financial Inc. acted as Joint Bookrunners.

Closing of the offering is expected to occur on November 28, 2023, subject to customary closing conditions.

NOVA Chemicals plans to use the net proceeds of the offering to redeem C$400 million of its C$1,050 million 4.875%, senior notes due 2024, to pay fees and expenses related to the offering, and general corporate purposes.

Further information can be found on Globe Newswire’s website.

NOVA Chemicals develops and manufactures chemicals and plastic resins that make everyday life healthier, easier and safer.