Venator Materials’ Follow-on Offering

Shearman & Sterling advised the underwriters of Venator Materials’ follow-on offering of 21,764,800 ordinary shares at a public offering price of $22.50 per share. All of the ordinary shares were sold by Huntsman Corporation through its subsidiary, which received approximately $489.7 million in gross proceeds from the offering. The ordinary shares are listed on the New York Stock Exchange under the ticker symbol “VNTR.”

BofA Merrill Lynch, Citigroup, Goldman Sachs & Co. and J.P. Morgan acted as lead book-running managers for the offering. Additional book-running managers were Barclays, Deutsche Bank Securities, UBS Investment Bank, RBC Capital Markets and SunTrust Robinson Humphrey. Moelis & Company, HSBC, Nomura and Academy Securities acted as co-managers.

Venator is a global manufacturer and marketer of chemical products that comprise a broad range of pigments and additives that bring color and vibrancy to buildings, protect and extend product life, and reduce energy consumption. Venator markets its products globally to a diversified group of industrial customers through two segments: Titanium Dioxide, which consists of the company’s TiO2 business, and Performance Additives, which consists of the company’s functional additives, color pigments, timber treatment and water treatment businesses. Venator operates 27 facilities, employs approximately 4,500 associates worldwide and sells its products in more than 110 countries.

The Shearman & Sterling team was led by partners Ilir Mujalovic (Picture) and Harald Halbhuber, and associates Maria Marulanda Larsen and Victor Nilsson (all New York – Capital Markets).

Other key members of the team included partners Ethan Harris (Washington, DC – Tax), Simon Letherman (London – Tax) and Doreen Lilienfeld (New York – Compensation, Governance & ERISA); counsel Mehran Massih (London – Real Estate), Jennifer Morton (New York – Financial Institutions Advisory & Financial Regulatory) and Jason Pratt (New York – Real Estate); and associates Eric Grosshandler (New York – Tax), Lois Howarth (London – Tax), Jenny Jordan, Sean Kelly (both New York – Financial Institutions Advisory & Financial Regulatory) and Matthew Weston (New York – Compensation, Governance & ERISA).

Involved fees earner: Ilir Mujalovic – Shearman & Sterling; Harald Halbhuber – Shearman & Sterling; Maria Marulanda Larsen – Shearman & Sterling; Victor Nilsson – Shearman & Sterling; Ethan Harris – Shearman & Sterling; Simon Letherman – Shearman & Sterling; Eric Grosshandler – Shearman & Sterling; Lois Howarth – Shearman & Sterling; Doreen Lilienfeld – Shearman & Sterling; Matthew Weston – Shearman & Sterling; Mehran Massih – Shearman & Sterling; Jason Pratt – Shearman & Sterling; Jennifer Morton – Shearman & Sterling; Jenny Ding Jordan – Shearman & Sterling; Sean Kelly – Shearman & Sterling;

Law Firms: Shearman & Sterling;

Clients: Barclays Bank; Bank of America Merrill Lynch; Citigroup Inc.; Deutsche Bank Securities; Goldman, Sachs & Co.; HSBC; JP Morgan; UBS Investment Bank; Nomura; RBC Capital Markets; Moelis & Company; SunTrust Robinson Humphrey, Inc.; Academy Securities Inc.;


Author: Ambrogio Visconti