20 Jan, 2022

Nufarm places $350M of senior notes at par to yield 5%; terms

Nufarm Ltd. has placed $350 million of senior eight-year notes at the midpoint of price guidance, according to market sources. UBS (left), BofA Securities, Credit Suisse, HSBC, MUFG, Natixis and Rabobank were bookrunners for the offering.

Proceeds from the bonds, along with cash on hand, will be used to redeem in full the company's $475 million of 5.75% senior notes due 2026.

Nufarm develops, manufactures and sells a range of crop protection and seed technologies products, such as herbicides, insecticides and fungicides.

Terms:

Issuer

Nufarm Australia Ltd. and Nufarm Americas Inc.
Ratings BB-/BB (S&P Global Ratings/Fitch)
Amount $350 million
Issue Senior notes (144A/Reg S for life)
Coupon 5%
Price 100
Yield 5%
Spread T+322
Maturity Jan. 27, 2030
Call Non-call three (first call at 102.5% on Jan. 27, 2025; then 101.25% on Jan. 15, 2026; then par on Jan. 27, 2027, and thereafter)
Trade (date) Jan. 20, 2022
Settle Jan. 27, 2022 (T+5)
Bookrunners UBS (left lead)/BofA/CS/HSBC/MUFG/Natixis/Rabo
Price talk 5% area
Notes Up-to-40% equity claw at 105% prior to Jan. 27, 2025; change of control put at 101%; make-whole at T+50 prior to Jan. 27, 2025.