Georgia Gulf Announces Pricing of Private Offering of $688 Million of Unsecured Senior Notes by Eagle Spinco Inc.

Thu Jan 17, 2013 5:15pm EST

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ATLANTA--(Business Wire)--
Georgia Gulf Corporation (NYSE: GGC) ("Georgia Gulf") today announced the
pricing of the previously announced private offering by Eagle Spinco Inc.
("Splitco") of $688 million in aggregate principal amount of unsecured senior
notes due 2021 (the "Notes"). The Notes will have an interest rate of 4.625% per
annum and are being issued at a price of 100% of their face value. The closing
of the offering of the Notes is expected to occur on January 30, 2013, subject
to customary closing conditions. 

The Notes will be issued by Splitco, which is currently a subsidiary of PPG
Industries, Inc. (NYSE: PPG) ("PPG"). As previously announced, PPG and Georgia
Gulf have entered into definitive agreements under which PPG will separate its
commodity chemicals business and then merge it with Georgia Gulf. Splitco is the
new company formed by PPG to hold its commodity chemicals business. The Notes
are expected to be initially issued by Splitco to PPG as partial consideration
for Splitco`s acquisition of PPG`s commodity chemicals business. 

The offering of the Notes will be made in a private transaction in reliance upon
an exemption from the registration requirements of the Securities Act of 1933,
only in the United States to investors who are "qualified institutional buyers,"
as that term is defined in Rule 144A under the Securities Act, or outside the
United States to investors who are persons other than "U.S. persons," as that
term is defined in Rule 902 under the Securities Act, in offshore transactions
in reliance upon Regulation S under the Securities Act. 

The Notes have not been registered under the Securities Act of 1933 or any state
securities laws and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements. 

This press release does not constitute an offer to sell or the solicitation of
an offer to buy any security and shall not constitute an offer, solicitation or
sale in any jurisdiction in which such offer, solicitation or sale would be
unlawful. 

About Georgia Gulf

Georgia Gulf Corporation is a leading, integrated North American manufacturer of
two chemical lines, chlorovinyls and aromatics, and manufactures vinyl-based
building and home improvement products. The Company`s vinyl-based building and
home improvement products are marketed under Royal Building Products and
Exterior Portfolio brands. Georgia Gulf, headquartered in Atlanta, Georgia, has
manufacturing facilities located throughout North America to provide
industry-leading service to customers. For more information, visit www.ggc.com. 

Georgia Gulf announced January 14, 2013, that when its pending merger with PPG`s
commodity chemicals business is completed, the combined organization will be
Axiall Corporation and will be traded on the New York Stock Exchange under the
ticker symbol of AXLL. More information about Axiall and the pending company`s
brand story can be found at www.axiallcorp.com. 

Safe Harbor

This communication contains certain statements relating to future events and our
intentions, beliefs, expectations, and predictions for the future. Any such
statements other than statements of historical fact are forward-looking
statements within the meaning of the Securities Act of 1933 and the Securities
Exchange Act of 1934. Words or phrases such as "will likely result," "are
expected to," "will continue," "is anticipated," "we believe," "we expect,"
"estimate," "project," "may," "will," "intend," "plan," "believe," "target,"
"forecast," "would" or "could" (including the negative or variations thereof) or
similar terminology used in connection with any discussion of future plans,
actions, or events, including with respect to the proposed separation of PPG`s
commodity chemicals business from PPG and the merger of the PPG commodity
chemicals business and Georgia Gulf (the "Transaction"), and the offering of the
Notes described above (the "Offering"), generally identify forward-looking
statements. These forward-looking statements include, but are not limited to,
statements regarding the expected benefits of the Transaction, and the expected
timing of completion of the Transaction and the Offering, and Georgia Gulf`s
anticipated future financial and operating performance and results, including
its respective estimates for growth. These statements are based on the current
expectations of the management of Georgia Gulf. There are a number of risks and
uncertainties that could cause Georgia Gulf`s actual results to differ
materially from the forward-looking statements included in this communication.
These risks and uncertainties include risks relating to (i) conditions to the
closing of the Transaction not being satisfied, (ii) a material adverse change,
event or occurrence affecting Georgia Gulf or the PPG commodity chemicals
business prior to the closing of the Transaction delaying the Transaction or
causing the companies to abandon the Transaction, (iii) problems arising in
successfully integrating the businesses of the PPG commodity chemicals business
and Georgia Gulf, which may result in the combined company not operating as
effectively and efficiently as expected, (iv) the possibility that the
Transaction may involve other unexpected costs, liabilities or delays, (v) the
businesses of each respective company being negatively impacted as a result of
uncertainty surrounding the Transaction, (vi) disruptions from the Transaction
harming relationships with customers, employees or suppliers, (vii) adverse
market conditions or other events that may impact the ability to successfully
complete the Offering within the expected timing, and (viii) uncertainties
regarding future prices, industry capacity levels and demand for Georgia Gulf`s
products, raw materials and energy costs and availability, feedstock
availability and prices, changes in governmental and environmental regulations,
the adoption of new laws or regulations that may make it more difficult or
expensive to operate Georgia Gulf`s businesses or manufacture its products
before or after the Transaction, Georgia Gulf`s ability to generate sufficient
cash flows from its business before and after the Transaction, future economic
conditions in the specific industries to which its products are sold, and global
economic conditions. 

In light of these risks, uncertainties, assumptions, and factors, the
forward-looking events discussed in this communication may not occur. Other
unknown or unpredictable factors could also have a material adverse effect on
Georgia Gulf`s actual future results, performance, or achievements. For a
further discussion of these and other risks and uncertainties applicable to
Georgia Gulf and its business, see Georgia Gulf's Annual Report on Form 10-K for
the fiscal year ended December 31, 2011 and subsequent filings with the
Securities and Exchange Commission (the "SEC"). As a result of the foregoing,
readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this communication. Georgia Gulf
does not undertake, and expressly disclaims, any duty to update any
forward-looking statement whether as a result of new information, future events,
or changes in its expectations, except as required by law. 

Additional Information and Where to Find it

This communication does not constitute an offer to buy, or solicitation of an
offer to sell, any securities of Georgia Gulf, and no offer or sale of such
securities will be made in any jurisdiction where it would be unlawful to do so.
In connection with the Transaction, Georgia Gulf has filed with the Securities
and Exchange Commission ("SEC") a registration statement on Form S-4 relating to
the Transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROSPECTUS
FORMING PART OF THE REGISTRATION STATEMENT, AND ANY OTHER RELEVANT DOCUMENTS
BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT GEORGIA GULF, PPG`S COMMODITY
CHEMICALS BUSINESS AND THE TRANSACTION. Investors and security holders will be
able to obtain these materials and other documents filed with the SEC free of
charge at the SEC`s website, www.sec.gov. In addition, copies of the
registration statement may be obtained free of charge by accessing Georgia
Gulf`s website at www.GGC.com by clicking on the "Investors" link and then
clicking on the "SEC Filings" link, or upon written request to Georgia Gulf at
115 Perimeter Center Place, Suite 460, Atlanta, Georgia 30346, Attention:
Investor Relations. Shareholders may also read and copy any reports, statements
and other information filed by Georgia Gulf with the SEC, at the SEC public
reference room at 100 F Street, N.E., Washington D.C. 20549. Please call the SEC
at 1-800-SEC-0330 or visit the SEC`s website for further information on its
public reference room.

Georgia Gulf Corporation
Investor Relations
Martin Jarosick, 770-395-4524
or
Media
Alan Chapple, 770-395-4538
chapplea@ggc.com

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