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Rhodia to buy back 6¼% notes
New York, June 2 - Rhodia (B3/CCC+) said it plans to tender for its €500 million of outstanding 6¼% notes due 2005 as part of the company's financial restructuring.
Rhodia, a France-based specialty chemicals maker, said that the buyback offer would begin at 9 a.m. Paris time on June 4 and would expire at 5 p.m. Paris time on June 10. Settlement is expected on June 14.
It said it will pay 102.5% of the notes' principal amount, plus accrued interest up to but not including the settlement date.
Tender orders may be revoked at any time up to and including the expiration of the offer period. After the expiration of the offer period, tender orders will be irrevocable.
Rhodia plans to pay for the repurchase with proceeds from a share capital increase in the wake of its recent €470 million equity rights issue, and its recent issue of senior notes. On May 7, Rhodia priced an upsized two-part offering of about €725 million of six-year senior notes in dollar and euro tranches.
Credit Suisse First Boston (Europe) Ltd. and BNP Paribas are the dealer managers for the offer.
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