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PolyOne gets early tenders for $295.3 million 7 3/8% notes due 2020
By Susanna Moon
Chicago, Nov. 12 – PolyOne Corp. said investors had tendered $295.3 million, or 93.3%, of its 7 3/8% senior notes due 2020 as of 5 p.m. ET on Nov. 10, the early tender deadline.
As a result, PolyOne received the needed consents to amend the notes indenture, which will become effective when the tendered notes are accepted for purchase, according to a company notice.
The tender offer and consent solicitation will continue until midnight ET on Nov. 25.
Holders who tendered their notes by the early tender deadline will receive $1,042 for each $1,000 principal amount, which includes a consent payment of $30.00 per $1,000 principal amount.
Those who tender the notes after the early deadline will receive $1,012 for each $1,000.
PolyOne said it plans to redeem any remaining notes after the offer ends.
Citigroup Global Markets Inc. (212 723-6106 or 800 558-3745) is the dealer manager and solicitation agent. Global Bondholder Services Corp. (866 470-4300) is the information agent and tender agent.
PolyOne is an Avon Lake, Ohio-based provider of specialized polymer materials, services and solutions.
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