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PPG completes EUR 300 million international debt offering

PPG Industries, Inc. has completed the sale of EUR 300 million of its 3.875% Senior Notes due 2015 (the Euro Notes) in offshore transactions outside the United States, the company said 24 June 2005. T…

PPG Industries, Inc. has completed the sale of EUR 300 million of its 3.875% Senior Notes due 2015 (the Euro Notes) in offshore transactions outside the United States, the company said 24 June 2005. The notes have not been registered for sale in the USA. Proceeds of the Euro Notes offering will be used to repay short-term, unsecured commercial paper obligations incurred in relation to PPG“s purchase of USD 275 million in aggregate principal amount of its 6.5% notes due 1 November 2007, 7.05% notes due 15 August 2009 and 6.875% notes due 15 February 2012 pursuant to tender offers that expired on 17 June 2005, and for general corporate purposes. PPG expects to record a 2Q 2005 pre-tax charge of approximately USD 19 million, or USD 0.07 per share, in connection with the tender offers. “The purpose of these transactions is to reduce our annual interest expense, significantly reduce our euro-denominated net asset exposure and eliminate the majority of our debenture maturities for the next decade, ” said William H. Hernandez, senior vice president, finance.

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