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OCTOBER 2019 CHEMICALS & PLASTICS NEWSLETTER IN THIS ISSUE PNC’s Chemicals & Plastics Newsletter focuses on relevant market news and trends, Recent Headlines 1 lending and bond market activity and public trading data, along with merger and acquisition movement to keep you informed. In this issue, we highlight the third quarter Pricing and Volume Update 2 2019 market activity and provide insight into the trends that defi ned the quarter. Third Quarter Lending We hope that you fi nd the newsletter to be a useful tool for your day-to-day activities and Bond Market Activity 5 and we are always interested in learning how we can enhance our report. Please feel Public Trading Data 6 free to contact us with any suggestions or customized requests. Segment Performance 7 Third Quarter 2019 Transactions 8 RECENT HEADLINES PNC’s Chemicals & Plastics Experience 21 Clariant:1 Just 10 months after taking the job, and less than a year after Clariant and SABIC announced the signing of a Memorandum of Understanding on a “signifi cant collaboration opportunity,” Clariant’s CEO has stepped down and the joint venture between the two chemical companies has been suspended. While Ernesto Occhiello stepped down as CEO, apparently for personal reasons, current market FOR MORE INFORMATION conditions were cited as the reason behind the stalled talks regarding the intended combination of Clariant’s high-performance materials with parts of SABIC’s specialties business. Contact PNC’s Chemicals & Plastics Group: In addition to putting off talks of a joint venture, Clariant has decided to divest its entire Ben Whiting masterbatches business, instead of just its standard masterbatches, as previously announced. Managing Director Clariant believes the portfolio changes will allow the remaining business to focus on Chemicals & Plastics differentiated, customer-specifi c products. The PNC Financial Services Group Recycled Content:2 In an effort to reduce the impact of single-use plastics, many consumer 1900 E. 9th Street Cleveland, Ohio 44114 product companies have announced sustainability goals relating to their packaging. Some O f fi c e: 216-222-2014 companies are changing the materials used in packaging, but most of these commitments include Cell: 440-796-5210 a target level of recycled content. For example, PepsiCo announced a goal of 25% recycled content [email protected] by 2025, and Colgate’s 2020 goal is to increase recycled content in packaging to 50% on average. Matt McTague While all of these changes are a step toward reducing environmental impact, several groups Vice President have pointed out a critical impediment to everyone rushing for recycled resins at the same time: Chemicals & Plastics There isn’t enough to go around with current capacities. The PNC Financial Services Group 1900 E. 9th Street Increased demand with limited supply obviously points to higher pricing, which hopefully Cleveland, Ohio 44114 will drive increased investment in recycling capacity. While capacity constraints can be solved O f fi c e: 216-222-1173 with justifi able investment, the biggest challenge will be shifting U.S. consumer mentality Cell: 484-941-4415 to drive recycling rates above the current level of approximately 30%. [email protected] pnc.com/chemicalsandplastics CHEMICALS & PLASTICS NEWSLETTER pnc.com/chemicalsandplastics Institutional Loan LIBOR Spreads HY Spread Less Loans BB ° CHEMICALS PLASTICS& NEWSLETTER PRICING AND VOLUME UPDATE or 73% the of total. billion tiedto ETFs, now inflows$15.23 billion,of $11.10 with billion over the trailing weeks. 10 The YTD cash flow tally is $1.23 net-positive to readings back-and-forth the extending impacting the sizable $3.29 billion infusion the prior week and million in the week ended September 25, according Lipper, to Retail cash flowU.S. for high-yield bond funds -$258was LIBOR Spread (bps) 1, 25 50 75 00 0 0 0 0 L L L L L L L L 0 + + + + + + + + bps bps bps bps bps 00 10 20 30 40 50 60 70 0. 0. 0. 0. 0. 0. 0. 0. 0 0 0 0 0 0 0 0 Jun-2014 Jan-10 Sep-2014 May-10 Sep-10 Dec-2014 Jan-11 Mar-2015 May-11 Sep-11 Jun-2015 Jan-12 Sep-2015 May-12 Dec-2015 Sep-12 B+ Jan-13 /B Mar-2016 May-13 Jun-2016 Sep-13 BB Sep-2016 Jan-14 / B May-14 B- Dec-2016 ° Sep-14 billion over that span. been outflows in of 44 the past 45 weeks,totaling $37.29 net outflowof $404 million, accordingThereto haveLipper. returned trend to in the week ended September 25, with a with18, anet $24 million retail of cash inflow, but momentum for the first time in 44 weeks during the week ended September Regarding leveraged loan funds, retail cash flow was positive Mar-2017 Jan-15 3- Mo May-15 nth Jun-2017 Sep-15 LI BO Sep-2017 Jan-16 R May-16 Dec-2017 20 BB BA Di ff -Y ML L er ea oa Sep-16 en H Mar-2018 r Av n (20-Year Average) ce Y 3- OA Jan-17 ( er Ye HY S ag 157 bps Jun-2018 ar /L May-17 (H e E oa OA ff ns ec Sep-17 Sep-2018 0) ) ti Jan-18 ve Dec-2018 S pr May-18 ea d Sep-18 Mar-2019 Jan-19 Jun-2019 May-19 Sep-2019 Sep-19 0. 10 20 30 40 50 60 70 0 0. 0. 0. 0. 0. 0. 0. 0 0 0 0 0 0 0 3-Month LIBOR (bps) pnc.com/chemicalsandplastics 2 CHEMICALS & PLASTICS NEWSLETTER 3 PRICING AND VOLUME UPDATE (Continued) Average Secondary Loan Spreads Over LIBOR (2013 to Current) Min Current Spread Max BB Loans 258 297 523 B Loans 387 513 904 CCC Loans 821 1,597 2,526 Second Lien Loans 741 1,227 2,021 Middle Market Loans 528 587 931 All Lev Loans 366 494 781 BAML HY Index 569 623 1,017 Loan spreads assume a three-year life. Graph not to scale. Loan Fund Flows 3,000 2,000 ) 1,000 0 -1,000 -2,000 Fund Flows ($ in millions -3,000 Weekly Loan Flows 4-wk Avg -4,000 16 17 17 18 18 19 19 17 18 19 16 17 18 r- r- r- p- c- n- p- c- n- p- c- n- p- Ju Se Se Ju Se Ju Se De Ma De Ma De Ma pnc.com/chemicalsandplastics CHEMICALS & PLASTICS NEWSLETTER 4 PRICING AND VOLUME UPDATE (Continued) HY Fund Flows 6,000 4,000 ) 2,000 0 -2,000 -4,000 Fund Flows ($ in millions -6,000 Weekly HY Flows 4-wk Avg -8,000 19 18 17 18 17 16 19 18 19 17 18 16 17 n- n- c- r- n- c- r- c- r- p- p- p- p- Ju Ju Ju Se Se De Se De Se De Ma Ma Ma Private-Equity Cash Flows3 $600 Contributions ($B) Distributions ($B) Net Cash Flow $500 $400 $300 $200 $100 $0 -$100 -$200 -$300 -$400 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Private-equity cash flows hit 8 years in the black — Data from Refinitiv and PitchBook shows that between 2017 and 2018, LPs were on the receiving end of nearly $1 trillion in private-equity returns. Distributions came in at $480 billion last year, just off 2017’s record $488 billion. Net cash flows topped $150 billion for the second straight year and have been north of that figure since 2014 (except for a softer 2016). The big change today is that more money is changing hands between GPs and LPs, thanks in part to the ongoing success of fundraising in the PE industry (also thanks in part to harvesting crisis-era deals). The contribution column helps reflect that fundraising, breaching $300 billion in 2017 and 2018. Taken together, 2017 and 2018 data shows just how busy LPs have been over the past few years with the magnitude of distributions helping to fuel fundraising efforts. pnc.com/chemicalsandplastics CHEMICALS & PLASTICS NEWSLETTER 5 THIRD QUARTER LENDING ACTIVITY4 Tranche Tranche Term Date Company Size (Ms) Type Spread (Years) Rating 9/30/19 Dow Silicones $ 2,000 TL L+75 2 - / - Advanced Drainage $ 350 Revolver - 5 B1 / B 9/24/19 Systems $ 700 TLB L+225 7 B1 / B 9/23/19 Innospec Inc $ 250 Revolver L+105 4 - / NR CHF 1,000 Revolver - 5 - / BBB+ $ 500 TL - 5 - / BBB+ 9/6/19 Lonza Group Ltd € 500 Bridge - 1 - / BBB+ $ 200 TL - 6 - / BBB+ 8/30/19 PPG Industries Inc $ 2,200 Revolver L+100 5 A3 / A- € 520 Bridge E+125 - Ba2 / NR $ 260 TLA L+210 5 Ba2 / NR 8/28/19 Synthomer Plc £ 200 Bridge L+150 - Ba2 / NR € 460 Revolver E+190 5 Ba2 / NR $ 1,200 TLA L+112.5 1 Baa2 / BBB 8/14/19 Albemarle Corp $ 1,000 Revolver L+125 5 Baa2 / BBB $ 153 Other Loan L+115 5 Ba1 / BB+ 7/17/19 Olin Corp $ 800 Revolver L+137.5 5 Ba1 / BB+ $ 1,200 Delay Draw TL L+137.5 5 Ba1 / BB+ 6/28/19 Tredegar Corp $ 500 Revolver L+162.5 5 - / - $ 25 Revolver L+150 3 B1 / B+ $ 205 Revolver L+150 3 B1 / B+ 6/20/19 Venator Materials PLC $ 375 Delay Draw TL L+300 5 B1 / B+ $ 120 Revolver L+150 3 B1 / B+ Avantor Performance $ 810 TLB L+300 5 - / NR 6/18/19 Materials Holdings Inc € 418 TLB E+325 5 - / NR THIRD QUARTER BOND ACTIVITY 5 Tranche Tranche Term Date Company Size (Ms) Type Coupon (Years) Rating 9/26/19 LyondellBasell $ 1,000 Sr Unsecured 4.200% 30 Baa1 / BBB+ $ 500 Sr Unsecured 3.200% 7 Baa1 / BBB+ 9/17/19 FMC Corp $ 500 Sr Unsecured 3.450% 10 Baa1 / BBB+ $ 500 Sr Unsecured 4.500% 30 Baa1 / BBB+ € 500 Sr Unsecured 0.875% 7 Baa1 / BBB+ 9/10/19 LyondellBasell € 500 Sr Unsecured 1.625% 12 Baa1 / BBB+ $ 800 Sr Unsecured 2.950% 10 Baa1 / BBB+ 8/12/19 Sherwin-Williams Co $ 550 Sr Unsecured 3.800% 30 Baa1 / BBB+ $ 300 Sr Unsecured 2.400% 5 Baa1 / BBB+ 8/6/19 PPG Industries Inc $ 300 Sr Unsecured 2.800% 10 Baa1 / BBB+ pnc.com/chemicalsandplastics CHEMICALS & PLASTICS NEWSLETTER 6 PUBLIC TRADING DATA LTM FCF LTM EV / LTM Stock Market Enterprise Net Net Debt / LTM 5-yr Avg.
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