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Chemours (CC) Wraps Up Senior Notes Offering of $650 Million
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The Chemours Company (CC - Free Report) announced the completion of its earlier-announced private offering of $650 million total principal amount of 4.625% senior unsecured notes due 2029. These notes were exempt from the registration requirements of the Securities Act of 1933, as amended. The notes are the company’s senior unsecured obligations and are guaranteed by some of its subsidiaries.
Net proceeds of the offering are expected to be utilized together with cash on hand, to finance the purchase price as well as accrued and unpaid interest for any and all of Chemours' outstanding 7% senior notes due 2025 validly tendered and accepted for payment.
It will also be used to the extent applicable, to finance redemption price and accrued as well as unpaid interest for any existing 2025 notes that remain outstanding after the completion or termination of the tender offer.
Shares of Chemours have gained 59% in the past year compared with 30.3% rise of the industry.
Image Source: Zacks Investment Research
Chemours, in its last earnings call, stated that it expects adjusted EBITDA and adjusted earnings for 2021 toward the higher end of its previously-disclosed guidance ranges, owing to strong second-quarter results and the ongoing business momentum.
However, weaker automotive production due to the global semiconductor shortage may affect volumes. The company also faces cost pressure in the Titanium Technologies unit. It is also exposed to headwind from supply chain issues and higher raw material costs.
Some other top-ranked stocks in the basic materials space are Nucor Corporation (NUE - Free Report) , Dow Inc. (DOW - Free Report) and Cabot Corporation (CBT - Free Report) .
Nucor has a projected earnings growth rate of around 489.2% for the current year. The company’s shares have surged 164.6% in a year. It currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Dow has an expected earnings growth rate of around 403.01% for the current year. The company’s shares have gained 41.6% in the past year. It currently carries a Zacks Rank #2.
Cabot has an expected earnings growth rate of around 138.5% for the current fiscal. The company’s shares have rallied 39.3% in the past year. It currently holds a Zacks Rank #2.
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Chemours (CC) Wraps Up Senior Notes Offering of $650 Million
The Chemours Company (CC - Free Report) announced the completion of its earlier-announced private offering of $650 million total principal amount of 4.625% senior unsecured notes due 2029. These notes were exempt from the registration requirements of the Securities Act of 1933, as amended. The notes are the company’s senior unsecured obligations and are guaranteed by some of its subsidiaries.
Net proceeds of the offering are expected to be utilized together with cash on hand, to finance the purchase price as well as accrued and unpaid interest for any and all of Chemours' outstanding 7% senior notes due 2025 validly tendered and accepted for payment.
It will also be used to the extent applicable, to finance redemption price and accrued as well as unpaid interest for any existing 2025 notes that remain outstanding after the completion or termination of the tender offer.
Shares of Chemours have gained 59% in the past year compared with 30.3% rise of the industry.
Image Source: Zacks Investment Research
Chemours, in its last earnings call, stated that it expects adjusted EBITDA and adjusted earnings for 2021 toward the higher end of its previously-disclosed guidance ranges, owing to strong second-quarter results and the ongoing business momentum.
However, weaker automotive production due to the global semiconductor shortage may affect volumes. The company also faces cost pressure in the Titanium Technologies unit. It is also exposed to headwind from supply chain issues and higher raw material costs.
The Chemours Company Price and Consensus
The Chemours Company price-consensus-chart | The Chemours Company Quote
Zacks Rank & Other Key Picks
Chemours currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the basic materials space are Nucor Corporation (NUE - Free Report) , Dow Inc. (DOW - Free Report) and Cabot Corporation (CBT - Free Report) .
Nucor has a projected earnings growth rate of around 489.2% for the current year. The company’s shares have surged 164.6% in a year. It currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Dow has an expected earnings growth rate of around 403.01% for the current year. The company’s shares have gained 41.6% in the past year. It currently carries a Zacks Rank #2.
Cabot has an expected earnings growth rate of around 138.5% for the current fiscal. The company’s shares have rallied 39.3% in the past year. It currently holds a Zacks Rank #2.