Ashland hits buoyant market to move to unsecured cap stack
Kentucky-based speciality chemicals company Ashland sold a €500m eight year non-call life unsecured high yield issue on Thursday, bringing European high yield's first proper deal of the year, as part of its efforts to clean up its capital structure and switch to an unsecured financing profile.
The company, which makes chemicals used in pharmaceuticals, personal care, coatings and adhesives, sold parts of its business last year for about $1bn, paying down outstanding senior secured debt with the proceeds.It announced the new €500m issue on Tuesday, with pricing set for Thursday after a short London ...
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