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Rhodia completes buyback of 6¼% notes
New York, June 15 - Rhodia SA (B3/CCC+) said that its previously announced buy-back of its 6¼% notes due 2005 had closed as scheduled on June 11, without extension.
As of that time, holders had tendered €451.305 million of the notes, representing more than 90% of the total principal amount outstanding at the time of the offer.
It said that settlement and delivery for the offer occurred Tuesday.
As previously announced, Rhodia, a French-based specialty chemicals maker, said on June 2 that it would tender for its €500 million of outstanding 6¼% notes as part of the company's financial restructuring.
Rhodia originally 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. The company announced on June 4 that the dates had been revised, so that the offer would run from June 7 through June 11. The company said it expected settlement to take place on June 14.
It said that it would pay 102.5% of the notes' principal amount, plus accrued interest up to, but not including, the settlement date.
Rhodia said that tender orders could be revoked at any time up to and including the expiration of the offer period but that after the expiration of the offer period tender orders would be irrevocable.
Rhodia said it planned 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 were the dealer managers for the offer.
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