PolyOne Announces Tender Offer for Any and All of Its 8.875% Senior Notes Due 2012

CLEVELAND, Sept. 10 /PRNewswire-FirstCall/ -- PolyOne Corporation (NYSE: POL) today announced the commencement of a cash tender offer for any and all of its outstanding 8.875% Senior Notes due 2012 (the "Notes").  

There is currently approximately $280 million aggregate principal amount of the Notes outstanding.  

The tender offer will expire at 8:00 a.m., New York City time, on Friday, October 8, 2010, unless extended or earlier terminated by the Company (the "Expiration Time").  The terms and conditions of the tender offer are set forth in an Offer to Purchase dated September 10, 2010 (the "Offer to Purchase") and related Letter of Transmittal, which together constitute the "Offer."  

Notes tendered on or prior to 5:00 p.m., New York City time, on September 23, 2010 (the "Early Tender Date") will be entitled to the total consideration, per $1,000 principal amount of Notes that are validly tendered, set forth in the table below in the column entitled "Total Consideration," which consists of the tender offer consideration (described below) plus the early tender payment set forth in the table below in the column entitled "Early Tender Payment."  Notes tendered after the Early Tender Date but on or prior to the Expiration Time will be entitled to the tender offer consideration, per $1,000 principal amount of Notes that are validly tendered, set forth in the table below in the column entitled "Tender Offer Consideration."  

The Company will pay in respect of any Notes accepted for purchase in the tender offer accrued and unpaid interest up to, but not including, the applicable date of payment for the Notes.

The Offer is subject to a financing condition and certain customary conditions, but is not conditioned on the tender of a minimum principal amount of Notes.  The Company may amend, extend or, subject to certain conditions, terminate the tender offer at any time.

The Company has engaged Banc of America Securities LLC and Morgan Stanley & Co. Incorporated to act as dealer managers for the tender offer, and Global Bondholder Services Corporation to act as information agent and depositary for the Offer.  Requests for documents may be directed to Global Bondholder Services Corporation at 1-866-470-4300 (U.S. toll free), or in writing to 65 Broadway, Suite 404, New York, NY 10006, Attention: Corporate Actions.  Questions regarding the Offer may be directed to Banc of America Securities LLC at 1-980-388-9217 (collect) or 1-888-292-0070 (U.S. toll free) or to Morgan Stanley & Co. Incorporated at 1-212-761-5384 (collect) or 1-866-624-1808 (U.S. toll free).

This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell with respect to any securities.  The solicitation of offers to buy the Notes is only being made pursuant to the terms of the Offer to Purchase and the related Letter of Transmittal.  The tender offer is not being made in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. None of the Company, the dealer managers, the depositary or the information agent is making any recommendation as to whether or not holders should tender their Notes in connection with the tender offer.

About PolyOne Corporation

PolyOne Corporation, with 2009 revenues of $2.1 billion, is a premier provider of specialized polymer materials, services and solutions. Headquartered outside of Cleveland, Ohio USA, PolyOne has operations around the world.

SOURCE PolyOne Corporation