CLEVELAND, Sept. 13 /PRNewswire-FirstCall/ -- PolyOne Corporation (NYSE: POL) (the "Company") today announced the pricing of $360 million of senior notes in an underwritten public offering. The offering consists of $360 million aggregate principal amount of 7.375% senior notes issued at par due September 2020. Interest on the notes will be paid semi-annually on March 15 and September 15. The offering is expected to close on or about September 24, 2010, subject to customary closing conditions.
The offering was increased from the previously announced $320 million, resulting in net proceeds to PolyOne of approximately $353 million, after subtracting the underwriting discount and estimated offering expenses. PolyOne intends to use the net proceeds of the offering to finance the Company's cash tender offer for any and all of its $280 million outstanding 8.875% Senior Notes due 2012. The remaining net proceeds will be used for general corporate purposes.
Banc of America Securities LLC, Morgan Stanley & Co. Incorporated, and Wells Fargo Securities, LLC are acting as joint book-running managers for the offering.
A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. The offering may be made only by means of the prospectus supplement and the accompanying prospectus. A copy of the final prospectus supplement and accompanying prospectus related to this offering may be obtained from Banc of America Securities LLC, Attention: Prospectus Department, 100 West 33rd Street, 3rd Floor, New York, New York 10001, 1-800-294-1322, from Morgan Stanley & Co. Incorporated, Attention: Prospectus Department, 180 Varick Street, Second Floor, New York, New York 10014, (email: [email protected]), or from Wells Fargo Securities, MAC D100-060, 201 S. College St., 6th Floor, Charlotte, NC 28288, 1-800-326-5897, (email: [email protected]).
This announcement does not constitute an offer to sell nor the solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About PolyOne
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
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