W.R. Grace & Co. is looking to raise $550 million in senior debt to pay off a portion of outstanding debt scheduled to come due next year.
The Columbia-based chemicals manufacturer said Friday it intends to market $550 million of senior unsecured notes to qualified institutional investors that will become due in 2027. The terms for the proposed offering were not disclosed. W.R. Grace (NYSE: GRA) expects to use the net proceeds from the offering to redeem a portion of its existing 5.125% senior unsecured notes due in 2021, with the remainder, if any, to be used for "general corporate purposes." Moody's Investor Services assigned a Ba3 rating to the proposed notes. The credit ratings agency assigns ratings from AAA at the top, all the way to C at the bottom.