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NOVA Chemicals starts any-and-all tender, solicitation for 5¼% notes
Chicago, April 27 – NOVA Chemicals Corp. started an any-and-all tender offer for its $500 million outstanding 5¼% senior notes due 2023 (Cusips: 66977WAN9, C67111AF8) and a solicitation of consents for proposed amendments, according to an offer document.
In the tender offer, the company is offering a total consideration of $1,010.21 for each $1,000 note tendered. That consideration includes a $30 early tender payment. Interest will also be paid.
Noteholders who tender their notes cannot do so without delivering a consent for the proposed amendments.
The company needs consents from noteholders representing a majority of the notes to amend the notes.
In terms of the consent solicitation, the company is seeking to amend the indenture governing the notes to eliminate substantially all of the restrictive covenants and certain events of default and related provisions to the indenture governing the notes and also to reduce the minimum required notice period for the redemption period of the notes to three days from 30 days.
The offer is subject to a financing condition. An offering of new notes launched on Tuesday morning.
The company plans to redeem any notes that remain outstanding after the settlement dates.
The early expiration time is 5 p.m. ET on May 10, also the withdrawal deadline.
Early settlement is expected three business days after the early expiration time.
The expiration time is 11:59 p.m. ET on May 24.
Final settlement is expected within three business days of the expiration time.
HSBC Securities (USA) Inc. is the dealer manager for the offer and the solicitation agent for the consent solicitation (888 HSBC-4LM, 212 525-5552, lmamericas@us.hsbc.com).
D.F. King & Co., Inc. is the tender agent and the information agent (212 269-5550, banks and brokers: 212 232-3233, all others: 800 714-3311, nova@dfking.com).
NOVA Chemicals is a manufacturer and developer of chemicals and plastic resins based in Calgary, Alta.
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