W. R. Grace & Co. announced that GCP Applied Technologies Inc. (GCP), an indirect wholly owned subsidiary of Grace, has priced an offering of $525,000,000 aggregate principal amount of 9.500% Senior Notes due 2023 (the Notes) at an issue price of 100.0%. The Notes will pay interest semiannually and will be fully and unconditionally guaranteed by certain of GCP's existing and future domestic subsidiaries.

The Notes and the related guarantees will be offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and to non-U.S. persons in accordance with Regulation S under the Securities Act. The Notes are being issued in connection with GCP's proposed spin-off from Grace, in which GCP will become an independent publicly traded company, possessing the business, assets, and liabilities associated with the Grace Construction Products segment and the Darex Packaging Technologies business of Grace. GCP expects to use the proceeds from the offering to fund a $500 million distribution to W. R. Grace & Co.–Conn., a direct subsidiary of Grace, to pay fees and expenses related to the Spin-Off, the financings, and the other related transactions and for general corporate purposes.