June.09.2017
Orrick advised NOVA Chemicals Corporation in connection with its Rule 144A/Regulation S offering of $1.05 billion aggregate principal amount of 4.875% Senior Notes due 2024 and $1.05 billion aggregate principal amount of 5.25% Senior Notes due 2027. A Global Financial Institution (U.K.) and HSBC Securities acted as joint active bookrunners and TD Securities, RBC Capital Markets and Scotia Capital acted as joint bookrunners for the offering.
NOVA Chemicals develops and manufactures chemicals and plastic resins that make everyday life safer, healthier and easier. The company plans to use the net proceeds of the offering and cash on hand to fund its previously announced acquisition of Williams Partners L.P.’s 88.46% interest in the Geismar, Louisiana olefins plant, approximately 525 acres of undeveloped land adjacent to the plant and Williams’ interest in the Ethylene Trading Hub in Mt. Belvieu, Texas. Orrick also advised NOVA Chemicals on that acquisition.
The Orrick team advising NOVA Chemicals on this transaction was led by Capital Markets partner Brett Cooper and included Tax partner Grady Bolding, Structured Finance partner Alan Knoll, Capital Markets of counsel Lynne Hirata, and Corporate associates Stephanie Richards and Angelo Aratan.