Latham Advises on NOVA Chemicals’ Secured Notes Offering and Concurrent Tender Offer

NOVA Chemicals Corporation (NOVA) has priced an offering of US$400 million aggregate principal amount of 8.5% senior secured notes at a price of 99.989% (the notes offering). The senior notes offering is being made in connection with a concurrent tender offer for NOVA’s existing senior notes due 2024 (the tender offer). The tender offer will be financed by the amounts raised in the notes offering (net of transaction fees and expenses) along with cash on hand, and the tender offer is conditioned upon the satisfaction or, when applicable, waiver of customary certain conditions.

Latham & Watkins LLP represents the initial purchasers in the notes offering and the dealer managers in the tender offer with a corporate deal team led by Austin partners David Miller and Michael Chambers and Houston partner Monica White, with associates Zainab Hashmi, Mason Taylor, and Rachel Moore. Advice was also provided on finance matters by Houston partner Pamela Kellet; on tax matters by Houston partner Bryant Lee, with associate Dylan White; and on environmental matters by Los Angeles/Houston partner Josh Marnitz.