By The Associated Press
Tuesday, September 1, 2009
Arch Chemicals Inc. said Tuesday it issued $75 million in 7-year unsecured senior notes to affiliates of Prudential Investment Management Inc., and will use the proceeds to pay down its revolving debt.
The notes carry a fixed 6.7 percent annual interest rate and mature in August 2016.
The notes were issued under an agreement that also lets the Prudential affiliates buy up to another $75 million in notes over the next three years on terms that haven't been determined.
Arch Chief Financial Officer Steven C. Giuliano said the 7-year notes give the company more liquidity before its main bank credit facilities mature in 2011.
Norwalk-based Arch makes chemicals for water treatment, hair and skin care products, treated wood and other uses.
Shares of Arch fell 65 cents, or 2.2 percent, to $28.57 on Tuesday.
