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NOVA Chemicals gives early tender results for 4 7/8% notes due 2024
By William Gullotti
Buffalo, N.Y., Nov. 27 – NOVA Chemicals Corp. released the early tender results of its Nov. 8 offer to buy up to $400 million principal amount of its $1,048,000,000 outstanding 4 7/8% senior notes due 2024 (Cusips: 66977WAQ2, C67111AH4), according to a press release on Monday.
NOVA received tenders totaling $754,523,000 principal amount by the early deadline at 5 p.m. ET on Nov. 22. The company expects to accept for purchase $400 million of the tendered notes using a proration rate of 53.05%.
As previously reported, the total consideration offered is $996.25 per $1,000 note, inclusive of a $30 early tender payment for noteholders who tendered their notes by the early deadline, which was also the withdrawal deadline.
Since the offer was significantly oversubscribed, the company does not anticipate accepting any additional notes tendered after the early deadline.
Although the offer formally expires at 5 p.m. ET on Dec. 8, the scheduled Nov. 28 early settlement is expected to conclude the offer, instead of the expected Dec. 13 final settlement.
As previously reported, the tender offer is being made in connection with a concurrent sale of new notes. The tender offer remains conditioned on the completion of the new offering and NOVA raising proceeds sufficient to finance the tender offer.
RBC Capital Markets, LLC is the sole dealer manager (212 618-7843, 877 381-2099).
Global Bondholder Services Corp. is the information and tender agent (855 654-2014, 212 430-3774, contact@gbsc-usa.com).
NOVA Chemicals is a manufacturer and developer of chemicals and plastic resins and is based in Calgary, Alta.
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