Ashland Inc. announces expiration of previously announced cash tender offer and redemption of its outstanding 3.000% Senior N...
June 23 2015 - 8:00AM
June 23, 2015
COVINGTON, Ky. - Ashland Inc.
(NYSE: ASH) today announced the expiration, as of 5:00 P.M., New
York City time, on June 22, 2015 (the "Expiration Time"), of its
previously announced cash tender offer (the "Tender Offer") to
purchase for cash any and all of its outstanding $600 million
aggregate principal amount of 3.000% Senior Notes due 2016 (the
"Notes"). According to Global Bondholder Services Corporation, the
Tender Agent for the Tender Offer, approximately $514 million
aggregate principal amount of the Notes had been validly tendered
and not validly withdrawn before the Expiration Time and accepted
for payment, representing approximately 86% of the outstanding
Notes. In addition, approximately $38 million aggregate principal
amount of the Notes were tendered pursuant to the guaranteed
delivery procedures. Assuming all such Notes are validly delivered
in accordance with such notices, the total amount of Notes accepted
for payment by Ashland in the Tender Offer will represent
approximately 92% of the Notes outstanding.
As previously announced, the purchase price in the
Tender Offer for each $1,000 principal amount of Notes tendered and
accepted for payment is $1,015.00. Ashland will also pay accrued
and unpaid interest on the Notes accepted for payment in the Tender
Offer up to, but not including, June 23, 2015, including the
Notes tendered pursuant to the guaranteed delivery procedures. The
settlement date for the Notes tendered pursuant to the Tender Offer
is June 23, 2015 (other than with respect to Notes tendered
pursuant to the guaranteed delivery procedures, for which
settlement will occur on June 25, 2015).
Ashland also announced today that it delivered a
notice to redeem all of the Notes that remain outstanding following
the consummation of the Tender Offer on July 23, 2015 (the
"Redemption Date"). Ashland will redeem the Notes on the Redemption
Date in accordance with their terms.
This news release shall not constitute an offer to
sell, or a solicitation of an offer to buy, any security. No offer,
solicitation, or sale will be made in any jurisdiction in which
such an offer, solicitation, or sale would be unlawful.
About
Ashland
Ashland Inc. (NYSE: ASH) is a global leader in providing specialty
chemical solutions to customers in a wide range of consumer and
industrial markets, including architectural coatings, automotive,
construction, energy, food and beverage, personal care and
pharmaceutical. Through our three commercial units - Ashland
Specialty Ingredients, Ashland Performance Materials and Valvoline
- we use good chemistry to make great things happen for customers
in more than 100 countries.
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," "is likely," "predicts," "projects," "forecasts,"
"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 annual
report, quarterly reports and 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),
the impact of acquisitions and/or divestitures Ashland has made or
may make (including the possibility that Ashland may not achieve
the anticipated benefits from such transactions), the global
restructuring program (including the possibility that Ashland may
not realize the anticipated revenue and earnings growth, cost
reductions and other expected benefits from the program), Ashland's
ability to generate sufficient cash to finance its stock repurchase
plans, 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. Unless legally
required, Ashland undertakes no obligation to update any
forward-looking statements made in this news release whether as a
result of new information, future event or otherwise.
C-ASH
FOR FURTHER
INFORMATION:
Media Relations:
Gary Rhodes
+1 (859) 815-3047
glrhodes@ashland.com
Investor Relations:
Jason Thompson
+1 (859) 815-4454
jthompson@ashland.com
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Ashland Inc. via Globenewswire
HUG#1930498
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