PITTSBURGH--(BUSINESS WIRE)--Nov. 6, 2014--
PPG Industries (NYSE:PPG) today announced that it has priced its public
offering of senior notes. The offering is being made pursuant to PPG’s
effective shelf registration statement filed with the Securities and
Exchange Commission.
PPG has agreed to issue and sell $300.0 million aggregate principal
amount of 2.300% Notes due 2019 (the “Notes”). The Notes will pay
interest semi-annually in arrears at a rate of 2.300% per year and will
mature on November 15, 2019, unless earlier redeemed or repurchased.
PPG intends to use the net proceeds from the offering, together with
cash on hand, to fund the purchase of its debt securities pursuant to
its previously announced concurrent tender offer for any and all of
certain series of its outstanding debt securities (the “Tender Offer”).
Any remaining net proceeds will be used for general corporate purposes.
J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are the joint
book-running managers for the offering.
This news release is neither an offer to sell nor a solicitation of an
offer to buy any securities and shall not constitute an offer,
solicitation or sale in any jurisdiction in which such offer,
solicitation or sale is unlawful. Any offers of the Notes will be made
exclusively by means of a prospectus and prospectus supplement.
Copies of the prospectus and preliminary prospectus supplement meeting
the requirements of Section 10 of the Securities Act of 1933, as
amended, may be obtained from J.P. Morgan Securities LLC, 383 Madison
Avenue, New York, New York, 10179, Attention: Investment Grade Syndicate
Desk, 3rd Floor, telephone collect at 1-212-834-4533, Morgan Stanley &
Co. LLC, Attention: Prospectus Department, 180 Varick Street, New York,
NY 10014, by telephone (toll-free) at (866) 718-1649, or from the SEC
website at www.sec.gov.
The terms and conditions of the Tender Offer are described in an Offer
to Purchase, dated November 6, 2014 (the “Offer to Purchase”), and a
related Letter of Transmittal (the “Letter of Transmittal”), which have
been sent to holders of the applicable debt securities. This news
release is not an offer to purchase, a solicitation of an offer to sell,
or a solicitation of consents with respect to any securities. The Tender
Offer is made only by, and pursuant to, the terms of, the Offer to
Purchase and the Letter of Transmittal. In addition, this news release
does not constitute a notice of redemption of any debt securities under
the optional redemption provisions of any of the respective indentures
governing PPG’s outstanding debt securities.
PPG: BRINGING INNOVATION TO THE SURFACE.™
PPG Industries’
vision is to continue to be the world’s leading coatings and specialty
materials company. Through leadership in innovation, sustainability and
color, PPG helps customers in industrial, transportation, consumer
products, and construction markets and aftermarkets to enhance more
surfaces in more ways than does any other company. Founded in 1883, PPG
has global headquarters in Pittsburgh and operates in nearly 70
countries around the world. Reported net sales in 2013 were $15.1
billion. PPG shares are traded on the New York Stock Exchange
(symbol:PPG).
Forward-Looking Statements
Statements in this news release
relating to matters that are not historical facts are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 reflecting the company’s current view with respect to
future events or objectives and financial or operational performance or
results. These matters involve risks and uncertainties as discussed in
PPG Industries’ periodic reports on Form 10-K and Form 10-Q, and its
current reports on Form 8-K, filed with the Securities and Exchange
Commission (SEC). Accordingly, many factors could cause actual results
to differ materially from the company’s forward-looking statements.
Among these factors are our ability to complete the offering and the
Tender Offer, global economic conditions, increasing price and product
competition by foreign and domestic competitors, fluctuations in cost
and availability of raw materials, the ability to maintain favorable
supplier relationships and arrangements, the realization of anticipated
cost savings from restructuring initiatives, difficulties in integrating
acquired businesses and achieving expected synergies therefrom, the
ability to penetrate existing, developing or emerging foreign and
domestic markets, economic and political conditions in international
markets, foreign exchange rates and fluctuations in such rates,
fluctuations in tax rates, the impact of future legislation, the impact
of environmental regulations, unexpected business disruptions and the
unpredictability of existing and possible future litigation, including
litigation that could result if the asbestos settlement discussed in our
filings with the SEC does not become effective. However, it is not
possible to predict or identify all such factors.
Consequently, while the list of factors presented here is considered
representative, no such list should be considered to be a complete
statement of all potential risks and uncertainties. Unlisted factors may
present significant additional obstacles to the realization of
forward-looking statements.
Consequences of material differences in results as compared with those
anticipated in the forward-looking statements could include, among other
things, business disruption, operational problems, financial loss, legal
liability to third parties and similar risks, any of which could have a
material adverse effect on our consolidated financial condition, results
of operations or liquidity.
Forward-looking statements speak only as of the date of their initial
issuance, and we do not undertake any obligation to update or revise
publicly any forward-looking statement, whether as a result of new
information, future events or otherwise, except as otherwise required by
applicable law.
Bringing innovation to the surface is a trademark of PPG
Industries Ohio, Inc.
Source: PPG Industries, Inc.
PPG Industries, Inc.
Media:
Mark Silvey,
412-434-3046
PPG Corporate Communications
silvey@ppg.com
or
Investors:
Vince
Morales, 412-434-3740
PPG Investor Relations
vmorales@ppg.com