NewMarket sets pricing, gets required consents in tender for $150 million 8 7/8% notes

By Jennifer Chiou

New York, Dec. 8 - NewMarket Corp. said it received consents from holders of $149.75 million or 99.83% of its $150 million of 8 7/8% senior notes due 2010.

The company received the necessary consents to amend the note indenture to eliminate substantially all of the restrictive covenants and certain events of default. NewMarket added it executed a supplemental indenture.

For each $1,000 principal amount of notes, NewMarket said it will pay $1,055.96, including a $30.00 consent fee.

The payout was calculated using the present value of $1,044.38, which is the redemption amount of the notes to May 1, 2007, the first call date, discounted using the bid-side yield on the 4.375% Treasury due May 15, 2007 and 50 basis points.

Those who tendered by the consent deadline, 5 p.m. ET on Dec. 5, will receive the $30.00 consent payment.

The offer ends at 5 p.m. ET on Dec. 21. It began on Nov. 21.

The offer is conditioned on proceeds from a new debt financing and the consent of holders of a majority of notes.

Credit Suisse Securities (USA) LLC is the dealer manager and solicitation agent (800 820-1653 and 212 325-7596). D.F. King & Co., Inc. is the information agent (800 859-8511 or call collect 212 269-5550).

Based in Richmond, Va., NewMarket, through subsidiaries Afton Chemical Corp. and Ethyl Corp., develops, manufactures, blends and delivers chemical additives that enhance the performance of petroleum products.

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