PolyOne wraps tender for 8 7/8% notes; new issue to fund offer

By Susanna Moon

Chicago, Oct. 8 - PolyOne Corp. said investors had tendered $257 million principal amount of its $280 million of 8 7/8% senior notes due 2012 as of 8 a.m. ET on Friday.

That's up from $256 million of the notes tendered by the early tender deadline of 5 p.m. ET on Sept. 23. The offer began on Sept. 10.

PolyOne said it plans to use some proceeds from its recently completed $360 million senior notes offering to fund the purchase of the notes.

As previously noted, holders will receive a total consideration of $1,100 per $1,000 principal amount of notes tendered by the early deadline. The total consideration consists of the tender offer consideration of $1,070 plus an early tender payment of $30.00 per $1,000 in notes.

PolyOne will also pay accrued interest up to but excluding the payment date.

Banc of America Securities LLC (980 388-9217 or 888 292-0070) and Morgan Stanley & Co. Inc. (212 761-5384 or 866 624-1808) were the dealer managers for the tender offer, and Global Bondholder Services Corp. (866 470-4300) was the information agent and depositary.

PolyOne is a Cleveland-based polymer services company.

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