Business & Finance
Business and Finance
Business and Finance
Tue, November 9, 2010 
PITTSBURGH--([ BUSINESS WIRE ])--PPG Industries (NYSE: PPG) today announced that yesterday it priced $1 billion in aggregate principal amount of senior notes. The sale of the notes is expected to close on or about Nov. 12, subject to customary closing conditions.
Of the amount offered, $250 million of 1.900-percent senior notes will be due Jan. 15, 2016, $500 million of 3.600-percent senior notes will be due Nov. 15, 2020, and $250 million of 5.500-percent senior notes will be due Nov. 15, 2040. The senior notes are unsecured and will rank equally in right of payment with PPGa™s existing and future unsecured senior indebtedness.
PPG intends to use the net proceeds from this offering to repay a $400 million term loan, to contribute to employee pension plans, to fund certain asbestos claims, and for other general corporate purposes.
Goldman, Sachs & Co., J.P. Morgan Securities LLC and Morgan Stanley & Co. Incorporated are acting as joint book-running managers for the offering.
About PPG
PPG Industriesa™ vision is to continue to be the worlda™s leading coatings and specialty products company. Founded in 1883, the company serves customers in industrial, transportation, consumer products, and construction markets and aftermarkets. With headquarters in Pittsburgh, PPG operates in more than 60 countries around the globe. Sales in 2009 were $12.2 billion. PPG shares are traded on the New York Stock Exchange (symbol: PPG). For more information, visit [ www.ppg.com ].
Disclosure Notice
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 companya™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 Industriesa™ 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 companya™s forward-looking statements.
Among these factors are 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, and economic and political conditions in international markets, foreign exchange rates and fluctuations in such rates, the impact of future legislation, the impact of environmental regulations, unexpected business disruptions and the unpredictability of possible future litigation, including litigation that could result if the asbestos settlement discussed in PPGa™s 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 PPGa™s consolidated financial condition, results of operations or liquidity.
Forward-looking statements speak only as of the date of their initial issuance, and PPG does not undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise.
The offering is being made under a shelf registration statement filed with the U.S. Securities and Exchange Commission on July 26, 2010. This announcement 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 senior notes will be made exclusively by means of a prospectus and prospectus supplement.
Copies of the prospectus supplement and accompanying prospectus relating to the offering may be obtained by contacting Goldman, Sachs & Co. toll-free at 1-866-471-2526, J.P. Morgan Securities LLC collect at 1-212-834-4533 or Morgan Stanley & Co. Incorporated toll-free at 1-866-718-1649. Potential investors should read the prospectus supplement, the prospectus in the registration statement and other documents PPG has filed with the SEC for more complete information about PPG and this offering. These documents can be obtained for free by visiting the SECa™s website at [ www.sec.gov ]. In addition, PPG, any underwriter or any dealer participating in the offering can provide the offering materials if requested. To obtain these materials from PPG, call Investor Relations at 412-434-3318 or write to Investor Relations, PPG Industries, Inc., One PPG Place, Pittsburgh, PA 15272.
