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Nova Chemicals Prices Its Senior Notes

Oct 14, 2009 (Close-Up Media via COMTEX) --

Company: Nova Chemicals Corp. (NCX)

Nova Chemicals Corp. said that it has priced a private placement of $350 million of 8.375 percent senior notes due 2016 and $350 million of 8.625 percent senior notes due 2019.

The 2016 notes and 2019 notes have an effective yield to maturity of 8.5 percent and 8.75 percent, respectively. The Company intends to use the net proceeds from the offering to repay outstanding debt under its current credit facilities. The balance of the proceeds will be used for general corporate purposes.

The Company said that the notes are being made available in a private offering that is exempt from the registration requirements of the Securities Act of 1933 (the "Securities Act"), with closing expected to occur on October 16, subject to customary closing conditions.

Nova Chemicals develops and manufactures chemicals, plastic resins and end-products that make everyday life safer, healthier and easier.

((Comments on this story may be sent to health@closeupmedia.com))

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Company: Nova Chemicals Corp. (NCX)


Related terms: chemicals, corporate, debt, health, manufacturer, prices, Private Placement, products, securities, yield

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