Grace Announces Upsizing and Pricing of Senior Notes

COLUMBIA, Md., June 12, 2020 (GLOBE NEWSWIRE) -- W. R. Grace & Co. (NYSE:GRA) (“Grace”) announced today that its wholly owned subsidiary, W. R. Grace & Co.-Conn. (the “Issuer”), upsized and priced an offering of $750 million in aggregate principal amount of 4.875% senior unsecured notes due 2027 at an issue price of 100.000% (the “New Notes”). The offering was upsized from the previously announced $550 million aggregate principal amount.

The New Notes will pay interest semiannually and will be fully and unconditionally guaranteed by Grace and certain of its existing and future domestic subsidiaries. The New Notes and the related guarantees were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons in accordance with Regulation S under the Securities Act.

The Issuer expects to use the net proceeds from the offering to redeem all of its existing 5.125% senior unsecured notes due in 2021 (the “Existing 2021 Notes”), with the remainder, if any, to be used for general corporate purposes. On June 12, 2020, the Issuer caused to be delivered to holders of its Existing 2021 Notes a notice of conditional redemption for all $700 million of its Existing 2021 Notes. The redemption is conditioned upon the Issuer’s completion of the offering. The expected redemption date is July 12, 2020.

The New Notes and the related guarantees have not been, and will not be, registered under the Securities Act or any state securities laws, and may not be offered or sold in the United States except pursuant to an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.

Closing of the New Notes is subject to customary closing conditions.

This news release does not constitute (i) an offer to sell or the solicitation of an offer to buy the New Notes or (ii) a notice of redemption of the Existing 2021 Notes, or an offer to tender for, or purchase, any of the Existing 2021 Notes or any other security. Any offers of the New Notes will be made only by means of a private offering memorandum.

About Grace

Built on talent, technology, and trust, Grace is a leading global specialty chemical company. The company’s two industry-leading business segments—Catalysts Technologies and Materials Technologies—provide innovative products, technologies, and services that enhance the products and processes of our customers around the world. With approximately 4,000 employees, Grace operates and/or sells to customers in over 60 countries.