Commentary & Deal Flow

Ashland Services BV (ASH) EUR500m 144A/Reg S sr notes due 2028 (8y). NCL (MWC B+50bp) (90-day par call). Existing Ba1/BB. Via Citi (B&D)/BofA/CA/Mizuho/Scotia joint books, GS, ING, Santander, SMBC Nikko, STRH as co-managers. NY law. EUR100kxEUR1k.

Px talk: 2.25% area.

Roadshow Jan 08-09 (Weds London City lunch an 1x1s, Thurs West End breakfast and 1x1s). Books close at 2pm UKT today. Pricing today UK afternoon. UOP: along with delayed draw Term Loan A facility and other funds, to fund the cash tender offers for a portion of Ashland LLC’s 4.750% Senior Notes due 2022 having an aggregate purchase price of up to $575m; and tender offers for Hercules LLC’s 6.600% Debentures due 2027, Ashland LLC’s 6.875% Senior Notes due 2043 and Hercules LLC’s 6.500% Junior Sub Debs due 2029, collectively having an aggregate purchase n aggregate purchase price of up to $250 million, subject to the order of priority and proration provisions and other offer terms. Biz: manufacture of specialty materials for a variety of markets, including adhesives, architectural coatings, automotive, construction, energy, food and beverage, nutraceuticals, personal care and pharmaceutical. HQ: Wilmington, DE.