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Albemarle Corporation Announces Pricing for Cash Debt Tender Offers
Prnewswire· 2026-03-16 20:15
Core Viewpoint - Albemarle Corporation has announced the pricing terms for its cash tender offers to purchase up to $650 million aggregate principal amount of its notes, increasing from a previously announced $500 million, using a "waterfall" methodology for acceptance [1][8]. Summary by Sections Tender Offer Details - The company expects to accept for purchase a total of $254,320,000 of the 5.650% Senior Notes due 2052, $149,034,000 of the 5.450% Senior Notes due 2044, $62,372,000 of the 3.450% Senior Notes due 2029, and $184,274,000 of the 5.050% Senior Notes due 2032, all validly tendered by the Early Tender Time [2][3]. Total Consideration - The Total Consideration for the notes includes an early tender premium of $50 per $1,000 principal amount, along with any applicable accrued and unpaid interest up to the Early Settlement Date of March 18, 2026 [3][6]. Acceptance Priority Levels - The acceptance priority levels for the notes are structured as follows: 1. 5.650% Senior Notes due 2052 with a total consideration of $921.71 per $1,000 principal amount 2. 5.450% Senior Notes due 2044 with a total consideration of $940.07 per $1,000 principal amount 3. 3.450% Senior Notes due 2029 with a total consideration of $968.70 per $1,000 principal amount 4. 5.050% Senior Notes due 2032 with a total consideration of $1,017.87 per $1,000 principal amount [5][6]. Offer Conditions - All conditions of the offers were deemed satisfied or waived, and the company expects to accept and pay for the $650 million aggregate principal amount of notes validly tendered on the Early Settlement Date [8]. Expiration of Offers - The offers are scheduled to expire on March 30, 2026, but due to the amount of notes tendered exceeding $650 million, there will be no Final Settlement Date, and notes tendered after the Early Tender Time will not be accepted [9].
Albemarle Corporation Announces Early Tender Results and Upsizing of Offer Cap of Previously Announced Cash Debt Tender Offers
Prnewswire· 2026-03-16 10:50
Core Viewpoint - Albemarle Corporation has announced the early results of its cash tender offers for its debt securities, increasing the offer cap from $500 million to $650 million to accept more validly tendered notes [1][2]. Group 1: Tender Offer Details - The cash tender offers are for validly tendered notes, with the early tender time set at 5:00 p.m. on March 13, 2026, after which withdrawal rights expired [3]. - The company has amended the offer cap to allow for the purchase of up to $650 million in aggregate principal amount of the notes, using a "waterfall" methodology for acceptance based on priority levels [4][5]. - The total consideration for the notes accepted will include an early tender premium of $50 per $1,000 principal amount, with accrued interest payable on the early settlement date of March 18, 2026 [7]. Group 2: Notes Information - The notes involved in the offers include various senior notes with different due dates and outstanding principal amounts, such as 5.650% Senior Notes due 2052 with an outstanding amount of $450 million and $254.32 million tendered [4][5]. - The acceptance priority levels for the notes are established, with the highest priority given to the 5.650% Senior Notes due 2052 [5]. Group 3: Future Announcements - The company plans to issue a press release on March 16, 2026, to announce the total consideration payable in connection with the offers [8].