PolyOne Corp., a plastics and resins maker, said Monday it has priced $360 million of senior notes in a previously announced underwritten public offering.
The 7.375 percent senior notes will be due September 2020.
Interest on the notes will be paid semiannually on March 15 and Sept. 15.
The offering is expected to close on or about Sept. 24.
The offering was increased from the previously announced $320 million, resulting in net proceeds to PolyOne of approximately $353 million, after underwriting discounts and estimated offering expenses are subtracted.
PolyOne intends to use the net proceeds to finance the company's cash tender offer for its $280 million outstanding 8.875 percent senior notes due 2012.
The remaining proceeds will be used for general corporate purposes.
Shares rose 31 cents, or 3 percent, to close at $10.72.
