DBRS Assigns BBB (low) Rating to NOVA Chemicals New Issues

DBRS has today assigned a rating of BBB (low) to the 5.25% Senior Notes due 2023 (the Notes) issued by Nova Chemicals Corporation (Nova or the Company). The trend is Stable.

The Notes are of a principal amount of $500 million and mature on August 1, 2023. The net proceeds of the offering will be used to purchase all of Nova’s outstanding 8.375% Senior Notes due 2016 that are tendered pursuant to a cash tender offer and solicitation announced on July 16, 2013, and for general corporate purposes. The Notes are senior unsecured obligations of the Company and are ranked equally with all of its other senior unsecured indebtedness.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is Rating Companies in the Industrial Products Industry, which can be found on our website under Methodologies.