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Chemours (CC) Prices Offering Of $800M Senior Notes Due 2028
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The Chemours Company (CC - Free Report) announced the pricing of earlier-announced private offering of $800 million in total principal amount of 5.75% senior unsecured notes due 2028, which are exempted from the registration requirements of the Securities Act of 1933. Subject to customary closing conditions, the company expects the offering to close on or about Nov 27.
The notes will be treated as Chemours' senior unsecured obligations. Further, the notes will be guaranteed by some of its subsidiaries. Chemours intends to employ the net proceeds along with cash on hand to fund the purchase price as well as unpaid and accrued interest for any and all of its outstanding 6.625% senior notes due 2023. Also, it plans to fund the redemption price for any existing 2023 notes along with accrued and unpaid interest that remain outstanding post completion or termination of the offer.
Chemours’ shares are up 17% in the past year compared with a 1.2% rise recorded by its industry.
The company’s adjusted earnings came in at 47 cents per share in the third quarter, which surpassed the Zacks Consensus Estimate of 32 cents.
Total revenues declined around 11% year over year to $1,233 million. Nevertheless, it beat the Zacks Consensus Estimate of $1,172.1 million.
Chemours stated that it is well placed to create sustained value as the economy recovers. It aims to cut costs by $160 million and capital expenditures by nearly $125 million in 2020.
Zacks Rank & Other Key Picks
Chemours currently sports a Zacks Rank #1 (Strong Buy).
Agnico Eagle has an expected earnings growth rate of 103.1% for 2020. Its shares have returned 25.5% in the past year.
New Gold has an expected earnings growth rate of 100% for 2020. The company’s shares have surged 116.9% in the past year.
Barrick has an expected earnings growth rate of 111.8% for 2020. The company’s shares have gained 55.9% in the past year.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
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Chemours (CC) Prices Offering Of $800M Senior Notes Due 2028
The Chemours Company (CC - Free Report) announced the pricing of earlier-announced private offering of $800 million in total principal amount of 5.75% senior unsecured notes due 2028, which are exempted from the registration requirements of the Securities Act of 1933. Subject to customary closing conditions, the company expects the offering to close on or about Nov 27.
The notes will be treated as Chemours' senior unsecured obligations. Further, the notes will be guaranteed by some of its subsidiaries. Chemours intends to employ the net proceeds along with cash on hand to fund the purchase price as well as unpaid and accrued interest for any and all of its outstanding 6.625% senior notes due 2023. Also, it plans to fund the redemption price for any existing 2023 notes along with accrued and unpaid interest that remain outstanding post completion or termination of the offer.
Chemours’ shares are up 17% in the past year compared with a 1.2% rise recorded by its industry.
The company’s adjusted earnings came in at 47 cents per share in the third quarter, which surpassed the Zacks Consensus Estimate of 32 cents.
Total revenues declined around 11% year over year to $1,233 million. Nevertheless, it beat the Zacks Consensus Estimate of $1,172.1 million.
Chemours stated that it is well placed to create sustained value as the economy recovers. It aims to cut costs by $160 million and capital expenditures by nearly $125 million in 2020.
Zacks Rank & Other Key Picks
Chemours currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks in the basic materials space are Agnico Eagle Mines Limited (AEM - Free Report) , New Gold Inc. (NGD - Free Report) and Barrick Gold Corporation (GOLD - Free Report) . While Agnico Eagle sports a Zacks Rank #1, New Gold and Barrick carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Agnico Eagle has an expected earnings growth rate of 103.1% for 2020. Its shares have returned 25.5% in the past year.
New Gold has an expected earnings growth rate of 100% for 2020. The company’s shares have surged 116.9% in the past year.
Barrick has an expected earnings growth rate of 111.8% for 2020. The company’s shares have gained 55.9% in the past year.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot stocks we're targeting >>