Ashland gets tenders for 88% of $650 million 9 1/8% notes due 2017

By Susanna Moon

Chicago, Aug. 3 - Ashland Inc. said investors tendered $572 million, or about 88%, of its outstanding $650 million principal amount of 9 1/8% senior notes due June 1, 2017 by the end of the offer at midnight ET on Aug. 2.

As previously noted, the company will pay $1,113.75 for each $1,000 principal amount of notes tendered by the offer expiration.

Holders also will receive accrued interest to but not including settlement on Aug. 7.

Ashland priced $500 million principal amount of 4¾% senior notes due 2022, with proceeds to be used to help fund the offer, according to a company press release Friday.

The company previously said it may purchase the notes from time to time after the offer ends in the open market, in privately negotiated transactions or through tender offers.

The tender offer was not conditioned on any minimum amount of notes being tendered but did require completion of financing.

Citigroup Global Markets Inc. (800 558-3745 or collect 212 723-6106) and Deutsche Bank Securities Inc. (866 627-0391 or collect 212 250-7527) are the dealer managers. Global Bondholder Services Corp. (866 804-2200) is the information agent and depositary.

Ashland is a global specialty chemical company based in Covington, Ky.

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