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NOVA Chemicals sees $448.03 million early tenders of 5¼% notes; solicitation passes
By Wendy Van Sickle
Columbus, Ohio, May 10 – NOVA Chemicals Corp. announced the early results of its any-and-all tender offer for its $500 million outstanding 5¼% senior notes due 2023 (Cusips: 66977WAN9, C67111AF8) and the success of its concurrent solicitation of consents for proposed amendments, according to a news release.
The company took in early tenders of $448,027,000 of notes in the offer, which was announced on April 27.
NOVA offered 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 tendered their notes cannot do so without delivering a consent for the proposed amendments.
The company needed consents from noteholders representing a majority of the notes to amend the notes.
The company was 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.
The company plans to redeem any notes that remain outstanding after the settlement dates.
The early expiration time was 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 and is based in Calgary, Alta.
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