Albemarle begins capped cash tender offers for dollar, euro notes

Chicago, March 1 – Albemarle Corp. commenced capped tender offers with wholly owned subsidiaries Albemarle Wodgina Pty Ltd. and Albemarle New Holding GmbH, according to a press release.

Dollar offers

The company is offering to purchase up to $100 million from the following, in acceptance priority order:

• $300 million outstanding of 3.45% senior notes due Nov. 15, 2029 with Albermarle Wodgina listed as issuer due Nov. 15, 2029 (Cusips: 01273PAA0, Q0171YAA8) to be repurchased at par plus a make-whole price determined using the 1.125% Treasury notes due Feb. 15, 2031 plus a fixed spread of 100 basis points;

• $425 million outstanding of 4.15% senior notes due Dec. 1, 2024 with Albermarle Corp. listed as issuer due Dec. 1, 2024 to be repurchased at par plus a make-whole premium determined using the 0.125% Treasury due Feb. 15, 2024 plus a fixed spread of 45 bps.

Considerations will also include accrued interest and a $50 early participation amount for noteholders tendering before the 5 p.m. ET on March 12 early participation date.

Euro offers

Albemarle is offering to buy up to €100 million of the following two series of notes, listed in order of acceptance priority:

• €500 million outstanding of 1.125% notes due Nov. 25, 2025 (ISIN: XS2083146964) with Albermarle New Holding listed as issuer to be repurchased at par plus a make-whole price using the September 2025 interpolated rate plus a fixed spread of 20 bps;

• €500 million outstanding of 1.625% notes due Nov. 25, 2028 (ISIN: XS2083147343) with Albermarle New Holding listed as issuer to be repurchased at par plus a premium based on the August 2028 interpolated rate plus 70 bps.

Considerations will also include accrued interest and a €50 early participation for noteholders tendering before the early participation deadline.

Timing and details

Pricing will be determined at 10 a.m. ET on March 12.

The withdrawal deadline is 5 p.m. ET on March 12.

The tender offers expire at 11:59 p.m. ET on March 26.

Settlement for tenders by the early tender deadline are planned for March 16.

Final settlement is scheduled for March 30.

J.P. Morgan Securities LLC (866 834-4666, 212 834-3424) is the dealer manager for the dollar tender offer, and J.P. Morgan AG is the dealer manager for the euro tender offer (liability_management-EMEA@jpmorgan.com).

D.F. King is the information and tender agent (877 283-0323, 800 820-2415, 212 269-5550).

Albemarle is a Baton Rouge, La., specialty chemicals company.

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