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Rhodia solicits tenders and consents for 10½%, 8%, 7 5/8% notes
By Laura Lutz
Des Moines, Oct. 3 - Rhodia announced that it has begun a tender offer and consent solicitation for all its €117.65 million of outstanding 10½% senior notes due 2010, its €700 million outstanding 8% senior notes due 2010 and its $200 million outstanding 7 5/8% senior notes due 2010.
The company is soliciting consents to eliminate substantially all of the restrictive and reporting requirements of the notes.
The consent deadline is 10 a.m. ET on Oct. 13 for bonds held through Euroclear and Clearstream and 5 p.m. ET on Oct. 13 for bonds held via DTC.
For each €1,000 principal amount of 10½% notes, the company will pay an amount based on the redemption price on the maturity date and the yield of the 5.25% German Bund due July 4, 2010 plus 50 basis points.
Notes cannot be tendered without offering consents.
For the 8% and 7 5/8% notes, the price will be based on the first call date and a reference security plus 50 bps. The reference security for the 8% notes is the 6% German Bund due July 4, 2007; for the 7 5/8% notes, it is the 3.625% U.S. Treasury due June 30, 2007.
The company expects pricing to be determined at 10 a.m. ET on Oct. 16.
The payouts include a €30 consent fee for each €1,000 of dollar-denominated notes and a $30 consent fee for each $1,000 of dollar-denominated notes tendered before the consent deadline.
Holders who tender their notes after the consent deadline will receive the same amount, less the consent payment.
The tender offer expires at 10 a.m. ET on Oct. 30. Settlement is expected on Oct. 31.
Credit Suisse, liability management group (London 4420 7883-6748 and New York 800 820-1653 or collect 212 538-0652) is the dealer manager; Bank of New York (44 207 964-6461) is the tender and depository agent; and DF King (800 859-8511 or collect 212 269-5550) is the information agent for the dollar-denominated notes.
Rhodia is a Paris-based specialty chemicals company.
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