Arkema accepts tenders of €400 million hybrids at price of 106.137

By Wendy Van Sickle

Columbus, Ohio, June 13 – Arkema SA accepted tenders of €400 million of notes in its offer to partially repurchase its €700 million undated deeply subordinated fixed-to-reset rate notes issued in 2014 and with a first call date on Oct. 29, 2020, according to a press release issued on Thursday.

Arkema will pay 106.137 for the notes accepted in the tender.

The company announced the tender offer on June 5. The maximum acceptance amount is equal to the principal amount of new 5.25-year 2¾% subordinated fixed-to-reset rate notes (Ba1/BBB-) that the company priced on June 5.

The total amount of notes tendered was not disclosed.

Arkema said the purpose of the tender offer and the new issue was, among other things, to proactively manage the refinancing of the company’s outstanding hybrid notes, taking advantage of favorable market conditions.

Settlement of the new notes and the tender offer is expected to occur on June 17.

The chemical and materials maker is based in Colombes, France.

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