Olin Announces Closing of Refinancing Transactions

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Jul 17, 2019, 07:30 ET

CLAYTON, Mo., July 17, 2019 /PRNewswire/ -- Olin Corporation (NYSE: OLN) announced today the closing of its previously announced offering of $750 million aggregate principal amount of Senior Notes due 2029 (the "Senior Notes") and the closing of its previously announced replacement credit facilities. The Senior Notes mature on August 1, 2029, have an interest rate of 5.625% and were issued at 100.000% of par value. The net proceeds from the offering were used to prepay all of the term loans outstanding under its senior term loan credit facility and all of the loans outstanding under its receivables financing credit facility, and Olin expects to use the remaining net proceeds to pay fees and expenses and fund general corporate purposes. The replacement credit facilities provide for a revolving credit facility with aggregate credit commitments of $800 million and a delayed-draw term loan facility in an aggregate principal amount of up to $1.2 billion. Borrowings under the replacement credit facilities will bear interest at rates determined based on the company's leverage ratio or, should Olin achieve and maintain investment grade credit ratings, on its credit ratings.

"We are pleased with the results of this offering and the completion of $2 billion in credit facilities," said John E. Fischer, Chairman, President and Chief Executive Officer. "We opportunistically accessed favorable markets to position us to refinance the high-cost bonds we assumed as part of the 2015 acquisition of Dow's Chlorine Products Businesses with new term loans on attractive terms when these bonds become callable in late-2020. In addition, we enhanced our financial position and flexibility, while creating additional capital allocation options with the goal of maximizing long-term value for Olin's shareholders."

This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell the Senior Notes. The Senior Notes were offered and sold pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission.

COMPANY DESCRIPTION

Olin Corporation is a leading vertically-integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. The chemical products produced include chlorine and caustic soda, vinyls, epoxies, chlorinated organics, bleach and hydrochloric acid. Winchester's principal manufacturing facilities produce and distribute sporting ammunition, law enforcement ammunition, reloading components, small caliber military ammunition and components, and industrial cartridges.

CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS

This release includes forward-looking statements, including with respect to our intentions to refinance our high-cost, acquisition-related bonds. These statements relate to analyses and other information that are based on management's beliefs, certain assumptions made by management, forecasts of future results, and current expectations, estimates and projections, including about the markets and economy in which we and our various segments operate. The statements contained in this release that are not statements of historical fact may include forward-looking statements that involve a number of risks and uncertainties.

We have used the words "anticipate", "intend", "expect" and variations of such words and similar expressions in this release to identify certain forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict and many of which are beyond our control. Therefore, actual outcomes and results may differ materially from those matters expressed or implied in such forward-looking statements. We undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise.

You should consider these forward-looking statements in light of the risk factors discussed in our annual report on Form 10-K for the year ended December 31, 2018, and subsequent periodic filings made with the SEC. All of our forward-looking statements should be considered in light of these factors. In addition, other risks and uncertainties not presently known to us or that we consider immaterial could affect the accuracy of our forward-looking statements.

2019-15

SOURCE Olin Corporation