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Ashland launches tender offer for $650 million 9.125% notes due 2017
By Susanna Moon
Chicago, July 27 - Ashland Inc. said it began a cash tender offer for its outstanding $650 million principal amount of 9.125% senior notes due June 1, 2017.
The company will pay $1,113.75 for each $1,000 principal amount of notes tendered by the offer expiration at midnight ET on Aug. 2.
Holders also will receive accrued interest to but not including settlement on Aug. 7.
Ashland may purchase the notes from time to time after the offer ends in the open market, in privately negotiated transactions or through tender offers, according to a company press release.
The tender offer is not conditioned on any minimum amount of notes being tendered but does require completion of one or more debt financings with enough proceeds to help fund the offer.
Citigroup Global Markets Inc. (800 558-3745 or collect 212 723-6106) and Deutsche Bank Securities Inc. (866 627-0391 or collect 212 250-7527) are the dealer managers. Global Bondholder Services Corp. (866 804-2200) is the information agent and depositary.
Ashland is a global specialty chemical company based in Covington, Ky.
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