NOVA Chemicals launches tender offer for 4 7/8% notes due 2024

By Marisa Wong

Los Angeles, Feb. 5 – NOVA Chemicals Corp. has begun a cash tender offer for any and all of its $650 million outstanding 4 7/8% senior notes due 2024 (Cusip: 66977WAQ2, C67111AH4), according to a Monday press release.

NOVA is offering a tender offer consideration of $998.75 per $1,000 principal amount.

In addition, the company will pay accrued interest to but excluding the applicable settlement date.

The offer is scheduled to expire at 5 p.m. ET on Feb. 9. Settlement is expected to be within one business day of that expiration time.

Tenders under guaranteed delivery procedures are due by 5 p.m. ET on Feb. 13. Settlement of those tenders is expected to be on Feb. 14.

The tender offer is conditioned on the company completing an offering of new senior notes.

The company said it may redeem, repurchase or otherwise discharge any notes that remain outstanding after completion of the tender offer, prior to the maturity of the notes.

RBC Capital Markets, LLC and TD Securities (USA) LLC are acting as dealer managers for the tender offer.

Global Bondholder Services Corp. (855 654-2014, 212 430-3774; contact@gbsc-usa.com; https://www.gbsc-usa.com/nova/) is the information and tender agent.

Based in Calgary, Alta., NOVA develops and manufactures chemicals and plastic resins.

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