Pioneer 2.75% convertibles holders may put back securities

By Jennifer Chiou

New York, Sept. 17 - Holders of Pioneer Cos., Inc.'s 2.75% convertible senior subordinated notes due 2027 may require the company to repurchase their securities, according to an 8-K filing with the Securities and Exchange Commission.

On Aug. 31, the company said that holders may convert their securities after the merger with Olin Corp. affiliate Princeton Merger Corp. settled.

Princeton Merger is to merge with and into Pioneer, with Pioneer continuing as the surviving corporation and operating as a wholly owned subsidiary of Olin.

As previously reported, Olin entered into an agreement in May to acquire Pioneer for $35.00 per share in cash.

Wells Fargo Bank, NA is the trustee.

Houston-based Pioneer manufactures chlorine, caustic soda, bleach, hydrochloric acid and related products.

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