Ashland unit Hercules gets tenders for $2.78 million more 6½% notes

By Susanna Moon

Chicago, Dec. 28 – Ashland Global Holdings Inc. said holders had tendered another $2,775,000 of 6½% series A junior subordinated deferrable interest debentures due 2029 since 5 p.m. ET on Dec. 9, the early tender date.

Holders who tendered after the early deadline received the tender offer payment of $955 for each $1,000 principal amount plus accrued interest up to but excluding the settlement date of Dec. 27, according to a company notice.

The tender offer ended midnight ET on Dec. 23.

Ashland said on Dec. 12 that wholly owned subsidiary Hercules LLC had received early tenders for $179,239,000, or 64%, of its $282 million of 6½% debentures, including those currently held as components of Crests units.

Hercules accepted all of the early tendered notes for purchase, with settlement on Dec. 12.

As announced Nov. 28, the company is tendering for any and all of the debentures initially distributed as a component of Crests units. Each Crests unit consists of $1,000 principal amount of debentures and one warrant to purchase Ashland common stock.

Debentures that are held as components of Crests units must be separated from the warrant components of those Crests units before the debentures may be tendered. Hercules is only offering to purchase debentures; it is not offering to purchase the Crests units or any warrants trading on a stand-alone basis.

The total price was $975 for each $1,000 principal amount of notes tendered before the early deadline, which included an early tender premium of $20 per $1,000 of notes.

Deutsche Bank Securities Inc. (855 287-1922 or 212 250-7527) is the dealer manager with Global Bondholder Services Corp. (212 430-3774 for banks and brokers or 866 470-3800 toll-free) acting as information and tender agent.

Hercules LLC, formerly Hercules Inc., is based in Wilmington, Del., and manufactures and markets specialty chemicals. Based in Covington, Ky., Ashland Global Holdings is a specialty chemicals company serving customers in a range of consumer and industrial markets, including adhesives, architectural coatings, automotive, construction, energy, food and beverage, personal care and pharmaceutical.

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