NOVA Chemicals Corporation Announces Pricing of Private Offering of $400 Million of Senior Unsecured Notes

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Nov 18, 2024, 16:51 ET

CALGARY, AB, Nov. 18, 2024 /PRNewswire/ - NOVA Chemicals Corporation ("NOVA Chemicals") announced today the pricing of a private offering (the "Offering") of $400 million of senior unsecured notes, structured as 7-year non-call 3-years (the "2031 Notes"). The 2031 Notes will have an interest rate of 7.00% per annum. NOVA Chemicals plans to use the net proceeds of the Offering, together with cash on hand, to repay in full its senior secured term loan facility and terminate all commitments thereunder and to pay the fees and expenses relating to the Offering. The closing of the Offering is expected to occur on November 21, 2024, subject to customary closing conditions.

TD Securities (USA) LLC acted as lead bookrunner on the Offering, and RBC Capital Markets, LLC, HSBC Securities (USA) Inc., Scotia Capital (USA) Inc., Morgan Stanley & Co. LLC, PNC Capital Markets LLC, CIBC World Markets Corp., National Bank of Canada Financial Inc., ATB Capital Markets Inc., MUFG Securities Americas Inc., SMBC Nikko Securities America, Inc. and Loop Capital Markets LLC, acted as Joint Bookrunners. Abu Dhabi Commercial Bank PJSC and First Abu Dhabi Bank PJSC acted as financial advisors on the transaction.

Simpson Thacher & Bartlett LLP acted as lead legal counsel to NOVA Chemicals, with Osler, Hoskin & Harcourt LLP and Stewart McKelvey providing support on Canadian aspects of the deal, and White & Case LLP as lead legal counsel to the underwriters, with Norton Rose Fulbright Canada LLP providing support on Canadian aspects of the deal.

The 2031 Notes will be issued in reliance on the exemption from the registration requirements provided by Rule 144A and Regulation S of the United States Securities Act of 1933, as amended (the "Securities Act"). The 2031 Notes have not been registered under the Securities Act or the laws of any state or other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any security, nor will there be any sale of any security in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

Forward-Looking Statements

This news release contains forward-looking statements, including statements about the Offering, timing and the intended use of proceeds. By their nature, forward-looking statements require NOVA Chemicals to make assumptions and are subject to inherent risks and uncertainties which could affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, NOVA Chemicals. NOVA Chemicals' forward-looking statements are expressly qualified in their entirety by this cautionary statement. In addition, the forward-looking statements are made only as of the date of this news release, and except as required by applicable law, NOVA Chemicals undertakes no obligation to update the forward-looking statements to reflect new information, subsequent events or otherwise.

About NOVA Chemicals

NOVA Chemicals develops and manufactures chemicals and plastic resins that make everyday life healthier, easier and safer. NOVA Chemicals, headquartered in Calgary, Alberta, Canada, is wholly owned ultimately by Mubadala Investment Company PJSC of Abu Dhabi, United Arab Emirates, which, in turn, is wholly owned by the government of the Emirate of Abu Dhabi.

SOURCE NOVA Chemicals Corporation