Avient Corporation (NYSE: AVNT) has announced the pricing of $650 million in aggregate principal amount of senior notes due 2031. These notes will bear interest at an annual rate of 6.250% and will be issued at a price of 100.000% of their principal amount. The closing of the notes offering is expected to occur on September 19, 2024.
The company intends to use the net proceeds from the offering, together with cash on hand, to redeem all of its outstanding 5.75% senior notes due 2025 and pay related fees and expenses.
Avient Corporation provides specialized and sustainable materials solutions, with a focus on transforming customer challenges into opportunities and bringing new products to life for a better world.
In the previous period, the company's outstanding senior notes had an interest rate of 5.75%, which will be redeemed using the net proceeds from the new offering of senior notes with an interest rate of 6.250%. This represents an increase of 0.5% in the interest rate on the new senior notes compared to the previous period's outstanding notes. Today the company's shares have moved -1.3% to a price of $46.26. For the full picture, make sure to review Avient's 8-K report.
