PPG: cash tender offer for notes

Coatings, glass, fiberglass and chemicals supplier PPG Industries said 20 May 2005 that it issued offers to purchase up to USD 100 million of its outstanding 6.5% notes due 1 November 2007. The compan…

Coatings, glass, fiberglass and chemicals supplier PPG Industries said 20 May 2005 that it issued offers to purchase up to USD 100 million of its outstanding 6.5% notes due 1 November 2007. The company“s offer was also for up to USD 175 million of its outstanding 7.05% notes due 15 August 2009 and part of its outstanding 6.875% notes due 15 February 2012. The buy back will total USD 275 million. “We believe this transaction is another step in our ongoing effort to maximize the financial flexibility for PPG,” said William H Hernandez, senior vice president of Finance. “The current strong cash position of the company affords us an opportunity to eliminate a significant portion of our near-term debt maturities. We believe we will be able to refinance these maturities in the near future with lower cost alternatives if we so desire.”