Orica experiments with novel US private placement

The Aussie chemical company issues 10- and 12-year floating rate notes to US institutions, but this time in Australian dollars.

Orica Finance, a wholly-owned subsidiary of the Australian chemical company Orica, tapped the US private placement market for a third time on Friday, but this time issuing in Australian dollars. The company raised A$559 million in guaranteed senior floating rate 10- and 12-year notes.

In a new twist, Orica received the proceeds in floating interest AUD, leaving it up to the participating investors to transact a simultaneous cross-currency interest rate swap.

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