NOVA Chemicals completes private offering of C$650 million of senior unsecured notes

Torys acted as Canadian counsel to the initial purchasers with a team that included Janan Paskaran, Jon McDonald and Logan Orr (corporate/securities), Kevin Fougere, Amy Nugent and Megan Funke (lending).

On February 12, 2024, NOVA Chemicals Corporation (“NOVA Chemicals”) completed a private offering of C$650 million of senior unsecured notes. The notes have an interest rate of 9% per annum and are structured as 6-year non-call 2.5-years.

RBC Capital Markets, LLC acted as lead bookrunner on the offering, with 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. as joint bookrunners. Abu Dhabi Commercial Bank PJSC and First Abu Dhabi Bank PJSC acted as financial advisors.

NOVA Chemicals plans to use the net proceeds to redeem any and all of the remaining C$650 million of its 4.875% senior notes due 2024, through a tender offer and consent solicitation, or other indebtedness, to pay fees and expenses related to the offering, and general corporate purposes.

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

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