Albemarle issues call for 3% senior notes due 2019 after recent tender

By Susanna Moon

Chicago, Jan. 11 – Albemarle Corp. called its 3% senior notes due 2019 for redemption on Feb. 10.

The notes will be redeemed at a price equal to the greater of par and the sum of the present values of the remaining scheduled payments of principal and interest excluding interest accrued to the redemption date from the redemption date through the par call date, in each case discounted to the redemption date on a semiannual basis at the Treasury rate plus 25 basis points plus accrued interest to but excluding the redemption date, according to the company notice.

The redemption will be funded using proceeds from the company's sale of its Chemetall Surface Treatment segment.

As announced, investors had tendered $192,187,000 of its $250 million 3% senior notes due 2019 in the offer that ended at 5 p.m. ET on Jan. 10.

The total payment was $1,036.47 for each $1,000 principal amount, with pricing set using the 1.5% U.S. Treasury note due Oct. 31, 2019 plus 25 bps.

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

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