PolyOne Corporation Announces Expiration of Early Tender Period for Cash Tender Offer
CLEVELAND, Sept. 24 /PRNewswire-FirstCall/ -- PolyOne Corporation (NYSE: POL) (the "Company") today announced the preliminary results of its previously announced cash tender offer for any and all of its outstanding 8.875% Senior Notes due 2012 (the "Notes"). At 5:00 p.m., New York City time, on September 23, 2010 (the "Early Tender Date"), an aggregate principal amount of $256 million of the Notes had been validly tendered (the "Early Tendered Notes"). On September 24, 2010, the Company accepted for payment all of the Early Tendered Notes. The Company intends to use a portion of the net proceeds from its recently completed $360 million senior notes offering to fund the purchase price of the Notes.
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, and related Letter of Transmittal.
Notes validly tendered and accepted for purchase after the Early Tender Date but on or prior to the Expiration Time will be entitled to $1,070, per $1,000 principal amount of Notes. 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 date of payment for the Notes.
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
PolyOne Corporation, with 2009 annual 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. For additional information on PolyOne, visit our Web site at www.polyone.com.
To access PolyOne's news library online, please go to www.polyone.com/news.
SOURCE PolyOne Corporation
Share this article