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Chemours (CC) Closes Offering Of $800M Senior Notes Due 2028
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The Chemours Company (CC - Free Report) announced the successful completion of its earlier announced private offering of $800 million in total principal amount of 5.75% senior unsecured notes due 2028. The notes offering was exempted from the registration requirements of the Securities Act of 1933. The notes are treated as senior unsecured obligations and are guaranteed by some of the company’s subsidiaries.
Chemours is expected to use 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 57.7% in the past year compared with 10.5% rise recorded by its industry.
In third-quarter 2020 earnings call, Chemours stated that it is well placed to create sustained value as the economy recovers. The company aims to cut costs by $160 million and capital expenditures by nearly $125 million in 2020.
Chemours is likely to gain from strong demand for Opteon refrigerant. The company is witnessing higher demand for Opteon in mobile applications. Its cost actions are also expected to support margins.
Pretium Resources has an expected earnings growth rate of 25.5% for 2020. Its shares have returned 15.5% in the past year.
BHP Group has an expected earnings growth rate of 31.3% for fiscal 2021. The company’s shares have gained 10.5% in the past year.
Silvercorp Metals has an expected earnings growth rate of 40% for fiscal 2021. The company’s shares have increased 20.2% in the past year.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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Chemours (CC) Closes Offering Of $800M Senior Notes Due 2028
The Chemours Company (CC - Free Report) announced the successful completion of its earlier announced private offering of $800 million in total principal amount of 5.75% senior unsecured notes due 2028. The notes offering was exempted from the registration requirements of the Securities Act of 1933. The notes are treated as senior unsecured obligations and are guaranteed by some of the company’s subsidiaries.
Chemours is expected to use 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 57.7% in the past year compared with 10.5% rise recorded by its industry.
In third-quarter 2020 earnings call, Chemours stated that it is well placed to create sustained value as the economy recovers. The company aims to cut costs by $160 million and capital expenditures by nearly $125 million in 2020.
Chemours is likely to gain from strong demand for Opteon refrigerant. The company is witnessing higher demand for Opteon in mobile applications. Its cost actions are also expected to support margins.
Zacks Rank & Other Key Picks
Chemours currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the basic materials space are Pretium Resources, Inc. , BHP Group (BHP - Free Report) and Silvercorp Metals Inc. (SVM - Free Report) , all carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Pretium Resources has an expected earnings growth rate of 25.5% for 2020. Its shares have returned 15.5% in the past year.
BHP Group has an expected earnings growth rate of 31.3% for fiscal 2021. The company’s shares have gained 10.5% in the past year.
Silvercorp Metals has an expected earnings growth rate of 40% for fiscal 2021. The company’s shares have increased 20.2% in the past year.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>