Albemarle sets pricing for capped tender offers for dollar, euro notes

By Rebecca Melvin

New York, March 12 – Albemarle Corp. announced pricing for its March 1 capped tender offers to purchase for cash up to $100 million of its 3.45% senior notes due 2029 and 4.15% senior notes due Dec. 1. 2024 and up to €100 million of its 1.215% notes due 2025 and 1.625% notes due 2028.

The offer is being conducted with wholly owned subsidiaries Albemarle Wodgina Pty Ltd. and Albemarle New Holding GmbH, according to a press release.

Dollar offers

The total consideration for the $300 million outstanding 3.45% senior notes due Nov. 15, 2029 (Cusips: 01273PAA0, Q0171YAA8) issued by Albemarle Wodgina is $1,062.62 per $1,000 of notes. The amount includes an early tender payment of $50 per $1,000 principal amount. Pricing was based on the 1.125% U.S. Treasury due Feb. 15, 2031 as the reference security plus a fixed spread of 100 basis points. There are $300 million outstanding of those notes, which will be accepted according to their priority level.

The total consideration for the $425 million outstanding 4.15% senior notes due Dec. 1, 2024 (Cusip: 012725AC1) with Albermarle Corp. listed as issuer is $1,114.69 per $1,000 of notes. The amount includes a $50 early tender payment. Pricing was based on the 0.125% U.S. Treasury due Feb. 15, 2024 as the reference security plus a fixed spread of 45 bps.

The early participation amount is payable to noteholders tendering before the 5 p.m. ET March 12 early participation date.

The company will also pay accrued interest.

Euro offers

The total consideration for the €500 million outstanding 1.125% notes due Nov. 25, 2025 (ISIN: XS2083146964) with Albermarle New Holding listed as issuer is €1,057.79 per €1,000 of notes. The amount includes a €50 early participation payment and is based on the September 2025 interpolated rate plus a fixed spread of 20 bps.

The total consideration for the €500 million outstanding of 1.625% notes due Nov. 25, 2028 (ISIN: XS2083147343) with Albermarle New Holding listed as issuer is €1,077.21 per €1,000 of notes. The amount includes a €50 early participation payment and is based on the August 2028 interpolated rate plus 70 bps.

The early participation payment is payable to noteholders tendering before the early participation date.

The company will also pay accrued interest.

The reference yields were determined at 10 a.m. ET on Friday.

The withdrawal deadline has passed.

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 Charlotte, N.C., specialty chemicals company.

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