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Rhodia completes oversubscribed €500 million tender offer for floaters
By Jennifer Chiou
New York, May 7 - Rhodia SA announced that holders tendered a total of €705,941,000 of their senior floating-rate notes due 2013 in the offer for up to €500 million of the notes.
The offer ended at 9 a.m. ET on May 6.
Because the offer was oversubscribed, the proration factor was set at 71.4%.
Rhodia will pay par for accepted notes in addition to accrued interest.
Settlement is slated for Monday, and the company had earmarked the proceeds from a €500 million issue of new senior notes for the offer.
Acquired notes will be canceled.
Rhodia is a Paris-based specialty chemicals company. Questions may be directed to Maria Alcon Hidalgo (33 01 53 56 64 89) or Benjamin Bruneau (33 01 53 56 64 42).
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