CHARLOTTE, US: Albemarle Corporation said that it intends to redeem all of its outstanding 3 percent Senior Notes due 2019, issued by it on February 10, 2017.
The notes will be redeemed at a redemption price equal to the greater of
(1) 100 percent of the principal amount of the Notes and
(2) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes (exclusive of interest accrued to the redemption date) from the Redemption Date through the Par Call Date, as defined in the notes (assuming the notes matured on the Par Call Date), in each case discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the notes) plus 25 basis points, plus in each case, accrued and unpaid interest on the notes redeemed to, but not including, the redemption date.
The notes will be repaid with the net proceeds from the company's previously completed sale of its Chemetall Surface Treatment segment.
Holders of any notes in certificated form will be paid the redemption price upon presentation and surrender of their Notes for redemption at the address of the Trustee and Paying Agent indicated below. Notes in book-entry form must be surrendered through the facilities of The Depository Trust Company in the usual manner, and payment of the redemption price will be made through the facilities of The Depository Trust Company in the usual manner. Notes called for redemption must be so surrendered in order to collect the redemption price.
Read More: Albemarle announces redemption of all outstanding 3 pc senior notes
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