Ashland Inc. announces expiration of previously announced cash tender offer for its outstanding 9.125% senior notes due 2017 and pricing of senior notes due 2022
(Thomson Reuters ONE) -
August 3, 2012
COVINGTON, Ky. - Ashland Inc. (NYSE: ASH) today announced the expiration, as of
midnight, New York City time, on August 2, 2012 (the Expiration Time), of its
previously announced cash tender offer (the Tender Offer) to purchase for cash
any and all of its outstanding $650 million aggregate principal amount of
9.125% Senior Notes due 2017 (2017 Notes). According to Global Bondholder
Services Corporation, the Depositary for the Offer, approximately $572 million
aggregate principal amount of the 2017 Notes had been validly tendered and not
validly withdrawn before the Expiration Time, representing approximately 88% of
the outstanding 2017 Notes.
Ashland Inc. also today announced the pricing of an offering of $500 million
aggregate principal amount of its 4.750% Senior Notes due 2022 (2022 Notes). The
2022 Notes will be unsecured, unsubordinated obligations of Ashland and will
mature on August 15, 2022.
Ashland intends to use the net proceeds of the 2022 Notes offering, together
with available cash, to pay the consideration, accrued and unpaid interest and
related fees and expenses in connection with the Tender Offer.
Settlement of the 2022 Notes offering and the Tender Offer is expected to occur
on August 7, 2012, subject to customary closing conditions.
The 2022 Notes will be offered in the United States to qualified institutional
buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the
Securities Act), and outside the United States pursuant to Regulation S under
the Securities Act. The Notes have not been registered under the Securities Act
and may not be offered or sold in the United States without registration or an
applicable exemption from the registration requirements.
This press release shall not constitute an offer to sell, or a solicitation of
an offer to buy, any security, including the 2022 Notes. No offer, solicitation,
or sale will be made in any jurisdiction in which such an offer, solicitation,
or sale would be unlawful.
In more than 100 countries, the people of Ashland Inc. provide the specialty
chemicals, technologies and insights to help customers create new and improved
products for today and sustainable solutions for tomorrow. Our chemistry is at
work every day in a wide variety of markets and applications, including
architectural coatings, automotive, construction, energy, food and beverage,
personal care, pharmaceutical, tissue and towel, and water treatment. Visit
ashland.com to see the innovations we offer through our four commercial units -
Ashland Specialty Ingredients, Ashland Water Technologies, Ashland Performance
Materials and Ashland Consumer Markets.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Ashland has identified some of
these forward-looking statements with words such as "anticipates," "believes,"
"expects," "estimates," "may," "will," "should" and "intends" and the negative
of these words or other comparable terminology. In addition, Ashland may from
time to time make forward-looking statements in its other filings with the
Securities and Exchange Commission (SEC), news releases and other written and
oral communications. These forward-looking statements are based on Ashland's
expectations and assumptions, as of the date such statements are made, regarding
Ashland's future operating performance and financial condition, the economy and
other future events or circumstances. Ashland's expectations and assumptions
include, without limitation, internal forecasts and analyses of current and
future market conditions and trends, management plans and strategies, operating
efficiencies and economic conditions (such as prices, supply and demand, cost of
raw materials, and the ability to recover raw-material cost increases through
price increases), and risks and uncertainties associated with the following:
Ashland's substantial indebtedness (including the possibility that such
indebtedness and related restrictive covenants may adversely affect Ashland's
future cash flows, results of operations, financial condition and its ability to
repay debt), severe weather, natural disasters, and legal proceedings and claims
(including environmental and asbestos matters). Various risks and uncertainties
may cause actual results to differ materially from those stated, projected or
implied by any forward-looking statements, including, without limitation, risks
and uncertainties affecting Ashland that are described in its most recent Form
10-K (including Item 1A Risk Factors) filed with the SEC, which is available on
Ashland's website at http://investor.ashland.com or on the SEC's website at
http://www.sec.gov. Ashland believes its expectations and assumptions are
reasonable, but there can be no assurance that the expectations reflected herein
will be achieved. Ashland undertakes no obligation to subsequently update any
forward-looking statements made in this news release or otherwise except as
required by securities or other applicable law.
C-ASH
FOR FURTHER INFORMATION:
Media Relations:
Gary Rhodes
+1 (859) 815-3047
glrhodes(at)ashland.com
Investor Relations:
David Neuberger
+1 (859) 815-4454
daneuberger(at)ashland.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Ashland Inc. via Thomson Reuters ONE
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