Chemours starts tender offer, solicitation for 7% notes due 2025

Chicago, Aug. 4 – Chemours Co. started a cash tender offer for any and all of the $750 million outstanding 7% senior notes due 2025 (Cusip: 163851AD0) on Wednesday, according to a press release.

The company is offering a total consideration of $1,025 per $1,000 note for noteholders who tender by the early deadline. The total consideration includes a $30 early tender payment. Accrued interest will also be paid to the relevant settlement date.

Chemours is also soliciting consents to shorten the minimum notice periods under the indenture for the optional redemption of the notes.

For the solicitation to be successful, Chemours must receive consents from noteholders representing a majority of the principal amount of notes.

The early deadline is 5 p.m. ET on Aug. 17, which is also the withdrawal deadline.

The expiration time is midnight ET on Aug. 31.

The offer is conditioned on the completion of a new debt offering.

Should the consent solicitation not succeed, the company has preemptively issued a notice of redemption for any notes outstanding after the tender offer ends. The notes in this case would be redeemed at 102.333 plus interest to the redemption date.

Citigroup Global Markets Inc. (800 558-3745, 212 723-6106) is the dealer manager and solicitation agent.

Global Bondholder Services Corp. (866 470-3800, 212 430-3774, contact@gbsc-usa.com, https://www.gbsc-usa.com/Chemours) is the depositary and the information agent.

Chemours is a Wilmington, Del.-based provider of performance chemicals.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.