Albemarle issues call for $57.95 million 3% notes due 2019 at 103.647

By Susanna Moon

Chicago, Feb. 9 – Albemarle Corp. set the make-whole call price in the redemption notice for its $57,948,000 of 3% senior notes due Dec. 1, 2019.

The notes will be redeemed at 103.647% on Feb. 10, according to the company notice.

U.S. Bank NA is the trustee and agent.

Albemarle said on Jan. 11 that the call price will 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.

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.

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

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