As filed with the Securities and Exchange Commission on February
15, 2023
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
ALBEMARLE CORPORATION
(Exact name of registrant as specified in its charter)
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VIRGINIA |
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2821 |
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54-1692118 |
(State or other jurisdiction of
incorporation or organization)
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(Primary standard Industrial
Classification Code Number)
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(I.R.S. Employer
Identification No.)
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4250 Congress Street, Suite 900
Charlotte, North Carolina 28209
(980) 299-5700
(Address and telephone number of Registrant’s principal executive
offices)
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Scott A. Tozier
Executive Vice President
and Chief Financial Officer
4250 Congress Street, Suite 900
Charlotte, North Carolina 28209
(980) 299-5700
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Kristin M. Coleman, Esq.
Executive Vice President, Corporate Secretary and General
Counsel
4250 Congress Street, Suite 900
Charlotte, North Carolina 28209
(980) 299-5700
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(Name, address and telephone number of agent for
service)
with a copy to:
Sean M. Jones
Coleman Wombwell
K&L Gates LLP
300 S. Tryon St., Suite 1000
Charlotte, NC 28202
(704) 331-7400
Approximate date of commencement of proposed sale to the
public:
From time to time after the effective date of this Registration
Statement.
If the only securities being registered on this Form are being
offered pursuant to dividend or interest reinvestment plans, please
check the following box:
☐
If any of the securities being registered on this Form are to be
offered on a delayed or continuous basis pursuant to Rule 415 under
the Securities Act of 1933, other than securities offered only in
connection with dividend or interest reinvestment plans, check the
following box:
☒
If this Form is filed to register additional securities for an
offering pursuant to Rule 462(b) under the Securities Act, please
check the following box and list the Securities Act registration
statement number of the earlier effective registration statement
for the same offering.
☐
If this Form is a post-effective amendment filed pursuant to Rule
462(c) under the Securities Act, check the following box and list
the Securities Act registration statement number of the earlier
effective registration statement for the same offering.
☐
If this Form is a registration statement pursuant to General
Instruction I.D. or a post-effective amendment thereto that shall
become effective upon filing with the Commission pursuant to Rule
462(e) under the Securities Act, check the following box.
☒
If this Form is a post-effective amendment to a registration
statement filed pursuant to General Instruction I.D. filed to
register additional securities or additional classes of securities
pursuant to Rule 413(b) under the Securities Act, check the
following box.
☐
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, a
smaller reporting company, or an emerging growth company. See the
definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company” and “emerging growth company” in Rule
12b-2 of the Exchange Act.
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Large accelerated filer ☒ |
Accelerated filer
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Non-accelerated filer ☐ |
Smaller reporting company
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Emerging growth company
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If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 7(a)(2)(B) of Securities
Act.
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PROSPECTUS
Albemarle Corporation
Common Stock
Preferred Stock
Debt Securities
Warrants
Units
We may offer and sell common stock, preferred stock, debt
securities, consisting of notes, debentures or other evidences of
indebtedness, warrants or units from time to time in one or more
offerings, in amounts, at prices and on other terms to be
determined at the time of offering.
We will provide you with more specific terms of the securities, and
the manner in which they are being offered, in supplements to this
prospectus. You should read this prospectus and the applicable
prospectus supplement, together with the documents incorporated by
reference herein and therein, carefully before you
invest.
This prospectus may not be used to offer or sell any securities
unless accompanied by a prospectus supplement.
Albemarle Corporation’s common stock is listed on the New York
Stock Exchange under the symbol “ALB”.
Investing in these securities involves certain risks. See the
section entitled “Risk
Factors”
beginning on page 1 of this prospectus.
Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of these
securities or passed upon the accuracy or adequacy of this
prospectus. Any representation to the contrary is a criminal
offense.
The date of this prospectus is February 15, 2023.
TABLE OF CONTENTS
You should rely only on the information contained or incorporated
by reference in this prospectus and in any accompanying prospectus
supplement. No one has been authorized to provide you with
different information.
The securities are not being offered in any jurisdiction where the
offer is not permitted.
You should not assume that the information contained in or
incorporated by reference in this prospectus or any prospectus
supplement is accurate as of any date other than the date on the
front of the documents.
RISK FACTORS
An investment in our securities involves certain risks. Prior to
making a decision about investing in our securities, you should
carefully consider the specific risk factors discussed in the
sections entitled “Risk Factors” contained in any applicable
prospectus supplement and our filings with the Securities and
Exchange Commission, or the SEC, incorporated by reference in this
prospectus (including future filings we make with the SEC that are
also incorporated by reference in this prospectus), together with
all of the other information contained in this prospectus or any
applicable prospectus supplement. You should not purchase the
securities described in this prospectus unless you understand and
know you can bear all of the investment risks
involved.
ABOUT THIS PROSPECTUS
This prospectus is part of an automatic shelf registration
statement on Form S-3 that we filed with the SEC as a “well-known
seasoned issuer” as defined in Rule 405 under the Securities Act of
1933, as amended (the “Securities Act”), utilizing a “shelf”
registration process. Under this shelf registration process, we
may, from time to time, offer and sell, in one or more offerings,
any combination of the following securities described in this
prospectus and the applicable prospectus supplements:
•shares
of the common stock of Albemarle Corporation (“common
stock”);
•shares
of Albemarle Corporation’s preferred stock (“preferred
stock”);
•debt
securities (“debt securities”), which may be either senior (the
“senior debt securities”) or subordinated (the “subordinated debt
securities”);
•warrants
to purchase common stock, preferred stock or debt securities
(“warrants”); or
•units.
The terms of the securities will be determined at the time of
offering.
We will refer to the common stock, preferred stock, debt
securities, warrants, and units, or any combination of those
securities, proposed to be sold under this prospectus and the
applicable prospectus supplement or term sheet as the “offered
securities.” The offered securities, together with any debt
securities, common stock and preferred stock issuable upon exercise
of warrants, or conversion or exchange of other offered securities,
as applicable, will be referred to as the
“securities.”
This prospectus provides you with a general description of the
securities we may offer. Each time we sell securities, we will
provide a prospectus supplement containing specific information
about the terms of the securities being offered. A prospectus
supplement may include a discussion of any risk factors or other
special considerations applicable to those securities or to us. A
prospectus supplement may also add, update or change information in
this prospectus. If there is any inconsistency between the
information in this prospectus and the applicable prospectus
supplement, you should rely on the information in the prospectus
supplement. We filed a registration statement containing this
prospectus with the SEC. The registration statement includes
exhibits that provide more detail on the matters discussed in this
prospectus. You should read this prospectus, the related exhibits
filed with the SEC and the applicable prospectus supplement
together with additional information described under the heading
“Where You Can Find More Information.”
Unless expressly stated or the context otherwise indicates, the
terms “Albemarle,” “we,” “us,” “our” or the “Company” mean
Albemarle Corporation and its consolidated
subsidiaries.
WHERE YOU CAN FIND MORE INFORMATION
We are required to file periodic reports, proxy statements and
other information relating to our business, financial and other
matters with the SEC under the Securities Exchange Act of 1934, as
amended (the “Exchange Act”). Our filings are available to the
public over the Internet at the SEC’s website at
http://www.sec.gov. Our reports, proxy statements and other
information relating to us can also be read and copied at the New
York Stock Exchange, or NYSE, located at 11 Wall St., New York, New
York 10005, (212) 656-3000. Our common stock is listed on the NYSE
under the symbol “ALB.”
We make available, free of charge, on or through our website,
copies of our Annual Reports on Form 10-K, our Quarterly Reports on
Form 10-Q, our Current Reports on Form 8-K and amendments to those
reports filed or furnished pursuant to Section 13(a) or 15(d) of
the Exchange Act as soon as reasonably practicable after we
electronically file them with or furnish them to the SEC. We
maintain a website at http://www.albemarle.com. The information on
our website is not, and shall not be deemed to be, part of this
prospectus, any prospectus supplement or the registration
statement, and our web address is included in this prospectus as an
inactive textual reference only.
The SEC allows us to “incorporate by reference” the information we
file with them, which means that we can disclose important
information to you by referring you to those documents that are
considered part of this prospectus. Later information that we file
will automatically update and supersede this information. We
incorporate by reference the documents listed below and any future
filings we make with the SEC under Section 13(a), 13(c), 14 or
15(d) of the Exchange Act (other than information furnished under
Items 2.02 or 7.01 of Form 8-K) until the offering of the
particular securities covered by a prospectus supplement has been
completed. This prospectus is part of a registration statement
filed with the SEC.
(a)Annual
Report on
Form 10-K for the fiscal year ended December 31, 2022, filed
on
February 15, 2023.
(b)The
portions of our Proxy Statement on Form DEF 14A
filed on
March 22, 2022, incorporated by reference in our Annual Report
on Form 10-K for the fiscal year ended December 31, 2021, filed on
February 22, 2022.
We will make available copies of the documents incorporated by
reference in this prospectus to each person, including any
beneficial owner, to whom a prospectus is delivered, without
charge, upon written or oral request. Such requests should be
directed to: Albemarle Corporation, 4250 Congress Street, Suite
900, Charlotte, North Carolina 28209. Our telephone number is (980)
299-5700.
FORWARD-LOOKING STATEMENTS
Some of the information presented in this prospectus, including the
documents incorporated by reference, may constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements are based on
our current expectations, which are in turn based on assumptions
that we believe are reasonable based on our current knowledge of
our business and operations. We have used words such as
“anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,”
“may,” “should,” “would,” “will” and variations of such words and
similar expressions to identify such forward-looking
statements.
These forward-looking 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. There can be no assurance that our actual
results will not differ materially from the results and
expectations expressed or implied in the forward-looking
statements. Factors that could cause actual results to differ
materially from the outlook expressed or implied in any
forward-looking statement include, without limitation, information
related to:
•changes
in economic and business conditions;
•product
development;
•changes
in financial and operating performance of our major customers and
industries and markets served by us;
•the
timing of orders received from customers;
•the
gain or loss of significant customers;
•fluctuations
in lithium market pricing, which could impact our revenues and
profitability particularly due to our increased exposure to
index-referenced and variable-priced contracts for battery grade
lithium sales;
•inflationary
trends in our input costs, such as raw materials, transportation
and energy, and their effects on our business and financial
results;
•changes
with respect to contract renegotiations;
•potential
production volume shortfalls;
•competition
from other manufacturers;
•changes
in the demand for our products or the end-user markets in which our
products are sold;
•limitations
or prohibitions on the manufacture and sale of our
products;
•availability
of raw materials;
•increases
in the cost of raw materials and energy, and our ability to pass
through such increases to our customers;
•technological
change and development;
•changes
in our markets in general;
•conducting
substantial business in foreign countries, including
China;
•fluctuations
in foreign currencies;
•changes
in laws and government regulation impacting our operations or our
products;
•the
occurrence of regulatory actions, proceedings, claims or litigation
(including with respect to the U.S. Foreign Corrupt Practices Act
and foreign anti-corruption laws);
•the
occurrence of cyber-security breaches, terrorist attacks,
industrial accidents or natural disasters;
•the
effects of climate change, including any regulatory changes to
which we might be subject;
•hazards
associated with chemicals manufacturing;
•the
inability to maintain current levels of insurance, including
product or premises liability insurance, or the denial of such
coverage;
•political
unrest affecting the global economy, including adverse effects from
terrorism or hostilities;
•political
instability affecting our manufacturing operations or joint
ventures;
•changes
in accounting standards;
•the
inability to achieve results from our global manufacturing cost
reduction initiatives as well as our ongoing continuous improvement
and rationalization programs;
•changes
in the jurisdictional mix of our earnings and changes in tax laws
and rates or interpretation;
•changes
in monetary policies, inflation or interest rates that may impact
our ability to raise capital or increase our cost of funds, impact
the performance of our pension fund investments and increase our
pension expense and funding obligations;
•volatility
and uncertainties in the debt and equity markets;
•technology
or intellectual property infringement, including cyber-security
breaches, and other innovation risks;
•decisions
we may make in the future;
•future
acquisition and divestiture transactions, including the ability to
successfully execute, operate and integrate acquisitions and
divestitures and incurring additional indebtedness;
•expected
benefits from proposed transactions;
•timing
of active and proposed projects;
•continuing
uncertainties as to the duration and impact of the novel
coronavirus (“COVID-19”) pandemic
and any future pandemic;
•impacts
of the military conflict between Russia and Ukraine and the global
response to it;
•performance
of our partners in joint ventures and other projects;
•changes
in credit ratings;
•the
inability to realize the expected benefits of our decision to
retain our Catalysts business
as a wholly-owned subsidiary and to realign our Lithium and Bromine
global business units into a new corporate structure, including
Energy Storage and Specialties business units; and
•the
other factors detailed from time to time in the reports we file
with the SEC, including those described under “Risk Factors” in our
most recent Annual Report on Form 10-K and any subsequently filed
Quarterly Reports on Form 10-Q.
These forward-looking statements speak only as of the date of this
prospectus. We assume no obligation to provide any revisions to any
forward-looking statements should circumstances change, except as
otherwise required by securities and other applicable
laws.
ALBEMARLE CORPORATION
We are a leading global developer, manufacturer and marketer of
highly-engineered specialty chemicals that are designed to meet our
customers’ needs across a diverse range of end markets. Our
corporate purpose is making the world safe and sustainable by
powering the potential of people. The end markets we serve include
energy storage, petroleum refining, consumer electronics,
construction, automotive, lubricants, pharmaceuticals and crop
protection. We believe that our commercial and geographic
diversity, technical expertise, access to high-quality resources,
innovative capability, flexible, low-cost global manufacturing
base, experienced management team and strategic focus on our core
base technologies will enable us to maintain leading positions in
those areas of the specialty chemicals industry in which we
operate.
We and our joint ventures currently operate more than 25 production
and research and development facilities, as well as a number of
administrative and sales offices, around the world. As of December
31, 2022, we served approximately 1,900 customers in approximately
70 countries.
Our common stock is listed on the NYSE under the symbol “ALB.”
Albemarle Corporation was incorporated in Virginia in 1993. Our
principal executive offices are located at 4250 Congress Street,
Suite 900, Charlotte, North Carolina 28209 and our telephone number
is (980) 299-5700. Albemarle’s website is www.albemarle.com. The
information contained on or accessible through our website neither
constitutes part of this prospectus nor is it incorporated by
reference herein.
USE OF PROCEEDS
Unless otherwise indicated in the applicable prospectus supplement,
we expect to use the net proceeds from the sale of the securities
for general corporate purposes, which may include, among other
things, acquisitions, working capital, capital expenditures, the
repurchase of shares of common stock, the repayment or refinancing
of outstanding indebtedness and funding pension obligations.
Specific information concerning the use of proceeds from the sale
of any securities will be included in the applicable prospectus
supplement relating to such securities.
DESCRIPTION OF COMMON STOCK
General
The following briefly summarizes the provisions of Albemarle’s
amended and restated articles of incorporation and amended and
restated bylaws (which we refer to together in this prospectus as
the Albemarle organizational documents) that would be important to
holders of Albemarle common stock. The following summary of
Albemarle common stock is subject in all respects to applicable
Virginia law and the Albemarle organizational documents, which are
exhibits to the registration statement that contains this
prospectus. In this “Description of Common Stock” section,
references to “Albemarle,” “the Company,” “we,” “our” or “us” are
only to Albemarle Corporation and not its
subsidiaries.
Authorized Shares
Albemarle’s amended and restated articles of incorporation
authorize the issuance of 150,000,000 shares of common stock, $0.01
par value per share and 15,000,000 shares of preferred stock. As of
December 31, 2022, there were 117,168,366 shares of Albemarle
common stock issued and outstanding, which were held by 2,117
shareholders of record, and no shares of Albemarle preferred stock
were issued and outstanding.
Voting Rights
Holders of Albemarle common stock are entitled to one vote per
share on all matters voted on generally by shareholders, including
the election of directors. Albemarle’s amended and restated
articles of incorporation do not provide for cumulative voting for
the election of directors, which means that the holders of a
majority of the outstanding shares of Albemarle common stock have
the capacity to elect all of the members of the Albemarle board of
directors.
Except as otherwise required by law or with respect to any
outstanding class or series of Albemarle preferred stock, the
holders of Albemarle common stock possess all voting
power.
Under Albemarle’s amended and restated articles of incorporation,
shareholder action is generally effective if the votes cast in
favor of the action exceed the votes cast against the action. The
election of directors requires a plurality of the votes cast by
Albemarle shareholders at a meeting at which a quorum is present.
Albemarle’s amended and restated articles of incorporation require
the affirmative vote of at least a majority of the outstanding
shares of Albemarle common stock for the approval of mergers,
statutory share exchanges, sales or other dispositions of all or
substantially all of Albemarle’s assets outside the usual and
regular course of business or dissolution of Albemarle, except that
the affirmative vote of 75% of the outstanding shares of Albemarle
common stock is required for approval of an affiliated transaction,
as defined in Section 13.1-725 the Virginia Stock Corporation Act
(the “VSCA”). An affiliated transaction generally is defined by the
VSCA as any of the following transactions:
•a
merger with any interested shareholder (defined as any holder of
more than 10% of any class of outstanding voting shares of a
corporation), or with a corporation that would, immediately after
the merger, be an affiliate of an interested shareholder
immediately before the merger;
•a
share exchange in which any interested shareholder acquires one or
more classes or series of a corporation’s voting
shares;
•certain
dispositions of corporate assets not in the ordinary course of
business, to or with an interested shareholder, or any guarantee of
any indebtedness of any interested shareholder in an amount greater
than 5% of a corporation’s consolidated net worth as of the date of
a corporation’s most recently available financial
statements;
•certain
sales or other dispositions to an interested shareholder of voting
shares of a corporation or any of its subsidiaries having an
aggregate fair market value
greater than 5% of the aggregate fair market value of all
outstanding voting shares;
•any
dissolution, domestication or conversion of a corporation proposed
by or on behalf of an interested shareholder; or
•any
reclassification of securities, including reverse stock splits,
recapitalizations or mergers of the corporation with any of its
subsidiaries, or any distribution or other transaction (whether or
not involving an interested shareholder) that increases the
percentage of the outstanding voting shares of the corporation or
any of its subsidiaries, owned beneficially by any interested
shareholder by more than 5%.
The supermajority voting requirement does not apply to a
transaction with a shareholder who, together with his or her
affiliates and associates, has been the beneficial owner of more
than 10% of any class of Albemarle outstanding voting shares as of
the later of (i) the close of business on February 28, 1994, the
date of the distribution by Ethyl Corporation to its shareholders
of all of the outstanding shares of Albemarle common stock, or (ii)
the date such person became an interested shareholder with the
prior approval of the disinterested directors of
Albemarle.
Further, the affirmative vote of the holders of 75% of the voting
power of Albemarle’s outstanding shares must approve an amendment
to provisions in Albemarle’s amended and restated articles of
incorporation relating to the supermajority voting requirement for
affiliated transactions.
Notice
Except as otherwise required by the VSCA, written notice stating
the date, time and place of every meeting, and the purpose or
purposes of any special meeting of Albemarle shareholders, must be
sent not less than 10 nor more than 60 days before the date of the
meeting to each shareholder of record entitled to vote at such
meeting.
Quorum
A majority of the shares entitled to vote, represented in person or
by proxy, constitutes a quorum.
Shareholder Proposals
Albemarle’s amended and restated bylaws provide that shareholders
seeking to bring business before an annual meeting of shareholders
or nominate candidates for election as directors must provide
timely notice of their proposal in writing to the Secretary of
Albemarle. Generally, to be timely, a shareholder’s notice must be
received at Albemarle’s principal executive offices not less than
90 nor more than 120 days prior to the first anniversary of the
previous year’s annual meeting. If the annual meeting is scheduled
more than 30 days before, or 70 days after the first anniversary of
the previous year’s annual meeting, the shareholder must provide
notice to the Secretary of Albemarle no earlier than within 90 to
120 days before the meeting or 10 days after the meeting’s public
announcement, whichever is later. Albemarle’s amended and restated
bylaws also specify requirements as to the form and content of a
shareholder’s notice.
Dividend Rights; Rights Upon Liquidation
Subject to any preferential rights of holders of any shares of
Albemarle preferred stock that may be outstanding, holders of
shares of Albemarle common stock are entitled to receive dividends
and other distributions on their shares of common stock out of
assets legally available for distribution when, as and if
authorized and declared by the Albemarle board of directors and to
share ratably in Albemarle’s assets legally available for
distribution to its shareholders in the event of its liquidation,
dissolution or winding-up.
Miscellaneous
Holders of Albemarle common stock have no preferences or
preemptive, conversion, exchange, redemption or sinking fund
rights. Shares of Albemarle common stock will not be liable for
further calls or assessments by Albemarle, and the holders of
Albemarle common stock will not be liable for any of Albemarle’s
liabilities.
Albemarle’s amended and restated bylaws provide that unless
Albemarle consents in writing to the selection of an alternative
forum, the United States District Court for the Eastern District of
Virginia, Alexandria Division, or in the event that court lacks
jurisdiction to hear such action, the Circuit Court of the County
of Fairfax, Virginia, will be
the sole and exclusive forum for any derivative action brought on
behalf of Albemarle, any action asserting a claim of breach of a
legal duty owed by any current or former director, officer or other
employee or agent of Albemarle to Albemarle or Albemarle
shareholders, any action arising pursuant to the VSCA or
Albemarle’s organizational documents or any action asserting a
claim governed by the internal affairs doctrine.
Albemarle common stock is listed on the NYSE under the symbol
“ALB.”
Anti-Takeover Provisions
The Albemarle organizational documents and Virginia law contain
provisions that may have the effect of impeding, delaying or
discouraging the acquisition of control of Albemarle by means of a
tender or exchange offer, proxy fight, merger or share exchange,
open market purchases or otherwise in a transaction not approved by
the Albemarle board of directors. These provisions are designed to
reduce, or have the effect of reducing, Albemarle’s vulnerability
to an unsolicited proposal for the restructuring or sale of all or
substantially all of Albemarle’s assets or an unsolicited takeover
attempt that the Albemarle board of directors does not believe is
in the best interests of its shareholders.
Under Albemarle’s amended and restated articles of incorporation,
the Albemarle board of directors has the authority, without further
shareholder approval, to issue preferred stock in classes or series
and to fix the designations, voting power, preferences and rights
of the shares of each class or series and any qualifications,
limitations or restrictions with respect to that class or series.
Under this authority, the Albemarle board of directors could create
and issue a class or series of preferred stock with rights,
preferences or restrictions that have the effect of discriminating
against an existing or prospective holder of Albemarle’s capital
stock as a result of such holder beneficially owning or commencing
a tender offer for a substantial amount of Albemarle common stock.
One of the effects of authorized but unissued and unreserved shares
of preferred stock may be to render it more difficult for, or
discourage an attempt by, a potential acquiror to obtain control of
Albemarle by means of a merger, share exchange, tender or exchange
offer, proxy contest or otherwise, and thereby protect the
continuity of Albemarle’s management. The issuance of shares of
preferred stock may have the effect of delaying, deferring or
preventing a change in control of Albemarle without any further
action by Albemarle shareholders.
Other provisions of the Albemarle organizational documents that may
make replacing the Albemarle board of directors more difficult
include:
•75%
supermajority voting requirements to approve affiliated
transactions or an amendment to the provisions in Albemarle’s
amended and restated articles of incorporation relating to this
supermajority voting requirement;
•only
the chief executive officer, president, chairman of the board, or a
majority of the Albemarle board, and not shareholders, are able to
call a special meeting of shareholders;
•inability
of shareholders to act by less-than-unanimous written
consent;
•requirements
for advance notice for proposing business or making director
nominations at shareholder meetings;
•removal
of directors only for cause; and
•ability
of the Albemarle board of directors to increase the size of the
board of directors and fill vacancies on the board of
directors.
Affiliated Transactions Statute
Virginia law contains provisions governing affiliated transactions.
In general, these provisions prohibit a Virginia corporation from
engaging in affiliated transactions with any holder of more than
10% of any class of its outstanding voting shares, or an interested
shareholder, for a period of three years following the date that
such person became an interested shareholder unless:
•a
majority of (but not fewer than two) disinterested directors on the
board of directors of the corporation and the holders of two-thirds
of the voting shares, other than the shares beneficially owned by
the interested shareholder, approve the affiliated transaction;
or
•before
the date the person became an interested shareholder, a majority of
the disinterested directors on the board of directors approved the
transaction that resulted in the shareholder becoming an interested
shareholder.
After three years, any such transaction must satisfy certain fair
price requirements in the statute or be approved by the holders of
two-thirds of the voting shares, other than the shares beneficially
owned by the interested shareholder. For a description of the
affiliated transactions subject to this approval requirement, see
“—Voting Rights.”
Control Share Acquisitions Statute
Virginia law also contains provisions relating to control share
acquisitions, which are transactions causing the voting power of
any person acquiring beneficial ownership of shares of a Virginia
public corporation to meet or exceed certain threshold percentages
(20%, 33 1/3% or 50%) of the total votes entitled to be cast for
the election of directors. Shares acquired in a control share
acquisition have no voting rights unless:
•the
voting rights are granted by a majority vote of all outstanding
shares other than those held by the acquiring person or any officer
or employee director of the corporation; or
•the
articles of incorporation or bylaws of the corporation provide that
these Virginia law provisions do not apply to acquisitions of its
shares.
The acquiring person may require that a special meeting of the
shareholders be held to consider the grant of voting rights to the
shares acquired in the control share acquisition.
As permitted by Virginia law, the Albemarle board of directors has
adopted a bylaw providing that the control share acquisition
provisions of Virginia law do not apply to the acquisition of its
shares.
Transfer Agent and Registrar
EQ Shareowner Services is the transfer agent and registrar for
Albemarle common stock.
Limitation of Liability and Indemnification Matters
Albemarle’s amended and restated articles of incorporation provide
that no director or officer shall be liable to Albemarle or its
shareholders for monetary damages except for liability resulting
from such person’s willful misconduct or a knowing violation of the
criminal law or of any federal or state securities
law.
Albemarle’s amended and restated articles of incorporation require
Albemarle to indemnify any director or officer who was or is a
party to a proceeding (including a proceeding brought by a
shareholder in the right of Albemarle or brought by or on behalf of
Albemarle shareholders) due to his or her status as a director or
officer of Albemarle or who was or is serving at Albemarle’s
request as a director, officer, trustee or partner of another
corporation, partnership, joint venture, trust, employee benefit
plan or other enterprise. This indemnification covers the
obligation to pay a judgment, settlement, penalty, fine or excise
tax assessed with respect to an employee benefit plan and all
reasonable expenses incurred by any such director or officer. The
board of directors, by a majority vote of a quorum of disinterested
directors or, under certain circumstances, independent legal
counsel, or by the shareholders (excluding shares owned by or under
the control of directors party to the proceeding), must determine
that the conduct of the director or officer seeking indemnification
does not constitute willful misconduct or a knowing violation of
the criminal law.
Insofar as indemnification for liabilities under the Securities Act
may be permitted to directors, officers and controlling persons of
Albemarle pursuant to the foregoing provisions or otherwise, we
understand that, in the opinion of the SEC, indemnification for
liabilities under the Securities Act is against public policy and
is unenforceable.
DESCRIPTION OF PREFERRED STOCK
We may issue preferred stock in one or more classes or series, as
described below. The following briefly summarizes the provisions of
our amended and restated articles of incorporation that would be
important to holders of our preferred stock. The following
description may not be complete and is subject to, and qualified in
its entirety by reference to, the terms and provisions of our
amended and restated articles of incorporation, which is an exhibit
to the registration statement that contains this prospectus.
Reference to a class or series of preferred stock means all of the
shares of preferred stock issued as part of the same class or
series under articles of amendment filed as part of our restated
articles of incorporation. In this “Description of Preferred Stock”
section, references to “Albemarle,” “the Company,” “we,” “our” or
“us” are only to Albemarle Corporation and not its
subsidiaries.
The description of most of the financial and other specific terms
of each class or series of preferred stock will be in the
prospectus supplement accompanying this prospectus. Those terms may
vary from the terms described in this prospectus. As you read this
section, please remember that the specific terms of each class or
series of preferred stock as described in the prospectus supplement
applicable to the particular series of preferred stock will
supplement and may modify or replace the general terms described in
this section. If there are differences between the prospectus
supplement applicable to the particular class or series of
preferred stock and this prospectus, the prospectus supplement will
control. Thus, the statements we make in this section may not apply
to each series of preferred stock.
Our Authorized Preferred Stock
Under our amended and restated articles of incorporation our board
of directors is authorized, without further action by our
shareholders, to:
•establish
from the 15,000,000 shares of preferred stock authorized by our
amended and restated articles of incorporation one or more classes
or series;
•designate
each such class or series; and
•fix
the relative rights and preferences of each such class or series
and to issue such shares.
Such rights and preferences may be superior to common stock as to
dividends, distributions of assets (upon liquidation or otherwise)
and voting rights. Undesignated shares of preferred stock may be
convertible into shares of any other series or class of stock,
including common stock, if our board of directors so determines.
Our board of directors will fix the terms of the class or series of
preferred stock it designates by resolution adopted before we issue
any shares of the class or series of preferred stock.
The applicable prospectus supplement relating to the particular
class or series of preferred stock will contain a description of
the specific terms of that class or series as fixed by our board of
directors, including, as applicable:
•the
offering price at which we will issue the preferred stock;
•the
title, designation of number of shares and stated or liquidated
value of the preferred stock;
•the
dividend rate or method of calculation, the payment dates for
dividends and the place or places where the dividends will be paid,
whether dividends will be cumulative or noncumulative, and, if
cumulative, the dates from which dividends will begin to
cumulate;
•any
conversion or exchange rights;
•whether
the preferred stock will be subject to redemption and the
redemption price and other terms and conditions on which such
preferred stock may be retired and redeemed;
•any
redemption rights;
•any
liquidation rights;
•any
sinking fund provisions;
•any
voting rights; and
•any
other rights, preferences, privileges, limitations and restrictions
that are not inconsistent with the terms of our amended and
restated articles of incorporation and not prohibited by
law.
When we issue and receive payment for shares of preferred stock,
the shares will be fully paid and nonassessable, which means that
their holders will have paid at least the par value thereof in full
and that we may not ask them to surrender additional funds. Holders
of preferred stock will not have any preemptive subscription rights
to acquire more of our stock. Unless otherwise specified in the
applicable prospectus supplement relating to a particular series of
preferred stock, each class or series of preferred stock will be of
equal rank in all respects (1) with each other class or series of
preferred stock and (2) prior to our common stock, as to dividends
and any distribution of our assets.
The rights of holders of the preferred stock offered may be
adversely affected by the rights of holders of any shares of
preferred stock that may be issued in the future. Our board of
directors may cause shares of preferred stock to be issued in
public or private transactions for any proper corporate purpose and
may include issuances to obtain additional financing in connection
with acquisitions, and issuances to officers, directors and
employees pursuant to benefit plans. Our board of directors’
ability to issue shares of preferred stock may discourage attempts
by others to acquire control of us without negotiation with our
board of directors, as it may make it difficult for a person to
acquire us without negotiating with our board of
directors.
Redemption
If so specified in the applicable prospectus supplement, a class or
series of preferred stock may be redeemable at any time, in whole
or in part, at our option or the holder’s, and may be mandatorily
redeemed.
Any restriction on the repurchase or redemption by us of our
preferred stock while we are in arrears in the payment of dividends
will be described in the applicable prospectus
supplement.
Any partial redemptions of preferred stock will be made in a way
that our board of directors decides is equitable.
Unless we default in the payment of the redemption price, dividends
will cease to accrue after the redemption date on shares of
preferred stock called for redemption and all rights of holders of
these shares will terminate except for the right to receive the
redemption price.
Dividends
Holders of each class or series of preferred stock will be entitled
to receive dividends when, as and if declared by our board of
directors from funds legally available for payment of dividends.
The rates and dates of payment of dividends will be set forth in
the applicable prospectus supplement relating to each class or
series of preferred stock. Dividends will be payable to holders of
record of preferred stock as they appear on our books on the record
dates fixed by the board of directors. The Board is authorized to
fix, or establish the basis for determining, the annual or other
periodic dividend rate for such series, the dividend payment dates,
the date from which dividends on all shares of such series issued
shall accrue, and the extent of participation rights, if
any.
We may not declare, pay or set apart funds for payment of dividends
on a particular class or series of preferred stock unless full
dividends on any other class or series of preferred stock have been
paid or sufficient funds have been set apart for payment for either
of the following:
•all
prior dividend periods of the other class or series of preferred
stock that pay dividends on a cumulative basis; or
•the
immediately preceding dividend period of the other class or series
of preferred stock that pay dividends on a noncumulative
basis.
Partial dividends declared on shares of any class or series of
preferred stock and other class or series of preferred stock
ranking on an equal basis as to dividends will be declared pro
rata. A pro rata declaration means that the ratio of dividends
declared per share to accrued dividends per share will be the same
for each class or series of preferred stock.
In case dividends on all shares of preferred stock for any
quarterly dividend period are not paid in full, all such shares
will participate ratably in any partial payment of dividends for
such period in proportion to the full amounts of dividends for such
period to which they are respectively entitled.
Conversion or Exchange Rights
The applicable prospectus supplement relating to any class or
series of preferred stock that is convertible, exercisable or
exchangeable will state the terms on which shares of that class or
series are convertible into, exercisable or exchangeable for shares
of common stock, another class or series of our preferred stock,
our other securities or debt or equity securities of third
parties.
Liquidation Preference
In the event of our voluntary or involuntary liquidation,
dissolution or winding-up, holders of each class or series of our
preferred stock will have the right to receive distributions upon
liquidation in the amount described in the applicable prospectus
supplement relating to each class or series of preferred stock.
These distributions will be made before any distribution is made on
the common stock or on any securities ranking junior to the
preferred stock upon liquidation, dissolution or
winding-up.
If the liquidation amounts payable relating to the preferred stock
of any class or series and any other securities of equal rank
regarding liquidation rights are not paid in full, the holders of
the preferred stock of that class or series and the other
securities will have the right to a ratable portion of our
available assets, up to the full liquidation preference of each
security. Holders of these series of preferred stock or other
securities will not be entitled to any other amounts from us after
they have received their full liquidation preference.
Voting Rights
The holders of shares of preferred stock will have no voting
rights, except:
•as
otherwise stated in the applicable prospectus
supplement;
•as
otherwise stated in the articles of amendment establishing the
class or series; or
•as
required by applicable law.
Anti-Takeover Provisions
The Albemarle organizational documents and Virginia law contain
provisions that may have the effect of impeding, delaying or
discouraging the acquisition of control of Albemarle by means of a
tender or exchange offer, proxy fight, merger or share exchange,
open market purchases or otherwise in a transaction not approved by
the Albemarle board of directors. These provisions are designed to
reduce, or have the effect of reducing, Albemarle’s vulnerability
to an unsolicited proposal for the restructuring or sale of all or
substantially all of Albemarle’s assets or an unsolicited takeover
attempt that the Albemarle board of directors does not believe is
in the best interests of its shareholders. For information related
to anti-takeover provisions, see
“Description of Common Stock—
Anti-Takeover Provisions” above.
Transfer Agent and Registrar
The transfer agent, registrar and dividend disbursement agent for
the preferred stock will be stated in the applicable prospectus
supplement. The registrar for shares of preferred stock will send
notices to shareholders of any meetings at which holders of the
preferred stock have the right to elect directors or to vote on any
other matter.
DESCRIPTION OF DEBT SECURITIES
This section describes the general terms and provisions of the debt
securities that may be offered by this prospectus. This section
does not describe every aspect of the indenture or the debt
securities. This summary is subject to and qualified in its
entirety by reference to all the provisions of the indenture,
including definitions of some of the terms used in the indenture.
You must look to the indenture for the most complete description of
what we describe in summary form in this prospectus and the
applicable prospectus supplement. A copy of the indenture and a
form of supplemental indenture are filed as exhibits to the
registration statement of which this prospectus is a part. See
“Where You Can Find More Information” for information on how to
obtain a copy. You should also refer to the Trust Indenture Act of
1939, certain terms of which are made a part of the indenture by
reference. In this “Description of Debt Securities” section,
references to “Albemarle,” “the Company,” “we,” “our” or “us” are
only to Albemarle Corporation and not its subsidiaries, and
references to “Notes” are to the debt securities.
The terms of the series described in the prospectus supplement
relating to that series may vary from the terms described in this
prospectus. The prospectus supplement relating to each series of
debt securities will be attached to the front of this prospectus.
There may also be a further prospectus supplement, known as a
pricing supplement, which contains the precise terms of debt
securities we are offering.
We may issue as many distinct series of debt securities under the
indenture as we wish without limitation as to aggregate principal
amount under the terms of the indenture. The indenture does not
limit our ability to incur additional indebtedness. This section
summarizes the material terms of the debt securities that are
common to all series, although the prospectus supplement that
describes the terms of each series of debt securities may also
describe differences with the material terms summarized in this
prospectus.
We may issue senior or subordinated debt securities. Neither the
senior debt securities nor the subordinated debt securities will be
secured by any of our property or assets. Thus, by owning a debt
security, you are one of our unsecured creditors.
The senior debt securities will constitute part of our senior debt
and will rank equally with all of our other unsecured and
unsubordinated debt. The senior debt securities will be issued
under the indenture. The indenture has been qualified under the
Trust Indenture Act. The indenture is an exhibit to the
registration statement of which this prospectus is a
part.
The subordinated debt securities will constitute part of our
subordinated debt and will be subordinate in right of payment to
all of our “senior indebtedness,” as defined in the indenture. The
subordinated debt securities will be issued under the indenture.
The prospectus supplement for any series of subordinated debt
securities will indicate the approximate amount of senior
indebtedness outstanding as of the end of the most recent fiscal
quarter.
“Debt securities” in this prospectus refers to both the senior debt
securities and the subordinated debt securities.
The trustee has two main roles:
•First,
the trustee can enforce your rights against us if we default on our
obligations under the terms of the indenture or the debt
securities. There are some limitations, however, on the extent to
which the trustee acts on your behalf as described below under
“Default and Related Matters—Events of Default—Remedies if an Event
of Default Occurs;” and
•Second,
the trustee performs administrative duties for us, such as sending
you interest payments, registering the transfer of your debt
securities to a new holder and sending you notices.
We may issue the debt securities as original issue discount debt
securities, which are securities that are offered and sold at a
substantial discount to their stated principal amount. The
prospectus supplement relating to original issue discount debt
securities will describe federal income tax consequences and other
special considerations applicable to any such debt securities. The
debt securities may also be issued as indexed securities or
securities denominated in foreign currencies or currency units, as
described in more detail below and in the prospectus supplement
relating to
any such debt securities. The prospectus supplement relating to
specific debt securities will also describe any special
considerations and any material additional tax considerations
applicable to such debt securities.
In addition, the specific financial, legal and other terms relating
to a particular series of debt securities will be described in a
prospectus supplement and any pricing supplement relating to the
series. The prospectus supplement relating to a series of debt
securities will describe, to the extent applicable, the following
terms of the series:
•the
title of the series of debt securities;
•whether
it is a series of senior debt securities or a series of
subordinated debt securities and if subordinated debt securities,
the related subordination terms;
•any
limit on the aggregate principal amount of the series of debt
securities and whether such series may be reopened for the issuance
of additional debt securities of such series;
•the
Person to whom interest on a debt security is payable, if other
than the holder on the regular record date;
•the
date or dates on which the series of debt securities will
mature;
•the
rate or rates per annum, which may be fixed or variable, at which
the series of debt securities will bear interest, if any, and the
date or dates from which that interest, if any, will
accrue;
•the
place or places where the principal of (and premium, if any) and
interest on the debt securities is payable;
•the
dates on which interest on the series of debt securities will be
payable and the regular record dates for the interest payment
dates;
•any
mandatory or optional sinking funds or analogous provisions or
provisions for redemption, in whole or in part, at our option or
the option of the holder;
•the
date, if any, after which and the price or prices at which the
series of debt securities may, in accordance with any optional or
mandatory redemption provisions, be redeemed and the other detailed
terms and provisions of those optional or mandatory redemption
provisions, if any;
•if
the debt securities may be converted into or exercised or exchanged
for our common stock or preferred stock, the terms on which
conversion, exercise or exchange may occur, including whether
conversion, exercise or exchange is mandatory, at the option of the
holder or at our option, the period during which conversion,
exercise or exchange may occur, the initial conversion, exercise or
exchange price or rate and the circumstances or manner in which the
amount of common stock or preferred stock issuable upon conversion,
exercise or exchange may be adjusted;
•if
other than denominations of $2,000 and any integral multiple of
$1,000 thereafter, the denominations in which the series of debt
securities will be issuable;
•if
other than the principal amount thereof, the portion of the
principal amount of the series of debt securities that will be
payable upon the declaration of acceleration of the maturity of
such series of debt securities;
•the
currency of payment of principal, premium, if any, and interest on
the series of debt securities, if other than the currency of the
United States;
•if
the currency of payment for principal, premium, if any, and
interest on the series of debt securities is subject to our or a
holder’s election, the currency or currencies in which payment can
be made and the period within which, and the terms and conditions
upon which, the election can be made;
•any
index, formula or other method used to determine the amount of
payment of principal or premium, if any, and interest on the series
of debt securities;
•any
addition or change to the restrictive covenants applicable to such
series of debt securities;
•if
the debt securities will not be subject to defeasance as described
under “—Defeasance” or otherwise;
•any
event of default under the series of debt securities if different
from, or in addition to, those described under “—Default and
Related Matters—Events of Default—What Is an Event of
Default?;”
•if
the series of debt securities will be initially issuable only in
the form of a global security, as described under “Legal
Ownership—Global Securities,” the depositary or its nominee with
respect to the series of debt securities, if other than The
Depository Trust Company, and the circumstances under which the
global security may be registered for transfer or exchange or
authenticated and delivered in the name of a Person other than the
depositary or its nominee;
•if
the series of debt securities will be guaranteed and the applicable
guarantor;
•the
location where the security register will be maintained and the
location of the paying agent;
•any
proposed listing of the series of debt securities on any securities
exchange; and
•any
other terms, additional covenants, or special features of the
series of debt securities.
Form, Exchange and Transfer
The debt securities will be issued:
•only
in fully registered form;
•without
interest coupons; and
•unless
otherwise indicated in the prospectus supplement, in denominations
of $1,000 and any integral multiple thereof.
A global security will be issued in denominations equal to the
aggregate principal amount of outstanding debt securities
represented by that global security. See “—Legal Ownership” below
for additional information regarding global securities and the
limitations on your rights as the beneficial owner of an interest
in a global security.
You may have your debt securities broken into more debt securities
of smaller denominations or combined into fewer debt securities of
larger denominations, as long as the total principal amount is not
changed. This is called an exchange.
You may exchange or transfer debt securities at the office of the
trustee. The trustee acts as our agent for registering debt
securities in the names of holders and transferring debt
securities. We may change this appointment to another entity or
perform the service ourselves. The entity performing the role of
maintaining the list of registered holders is called the security
registrar. It will also register transfers of the debt
securities.
You will not be required to pay a service charge to transfer or
exchange debt securities, but you may be required to pay for any
tax or other governmental charge associated with the exchange or
transfer. The transfer or exchange will only be made if the
security registrar is satisfied with your proof of
ownership.
If we designate additional transfer agents, they will be named in
the prospectus supplement. We may cancel the designation of any
particular transfer agent. We may also approve a change in the
office through which any transfer agent acts.
Redemption
Provisions relating to the redemption of debt securities, if any,
will be set forth in the applicable prospectus supplement. Unless
we state otherwise in the applicable prospectus supplement, we may
redeem debt securities only upon notice sent at least 30 but not
more than 60 days before the date fixed for
redemption.
Certain Covenants
General
The indenture contains certain covenants for the benefit of the
holders of our debt securities, including, among other things, a
covenant to maintain our corporate existence. In addition, the
indenture contains the covenants described in the two succeeding
subsections, which may not apply to any series of subordinated debt
securities issued under the indenture. Capitalized terms used in
the following summary have the meanings specified in the indenture,
unless otherwise defined below.
Limitation on Liens and Other Encumbrances
We have agreed that neither we nor any Restricted Subsidiary (as
defined below) will incur, issue, assume or guarantee any
Indebtedness secured by any Lien (as defined below) upon any
Principal Property (as defined below) or shares of capital stock or
indebtedness of any Restricted Subsidiary without securing the debt
securities equally and ratably with all other Indebtedness secured
by the Lien. This covenant has exceptions, which
permit:
(1)Liens
existing on the date of the indenture;
(2)Liens
existing on any Principal Property owned or leased by a corporation
at the time it becomes a Restricted Subsidiary;
(3)Liens
existing on any Principal Property at the time of its acquisition
by us or a Restricted Subsidiary, which Lien was not incurred in
anticipation of such acquisition and was outstanding prior to such
acquisition;
(4)Liens
to secure any Indebtedness incurred prior to, at the time of, or
within 12 months after the acquisition of any Principal Property
for the purpose of financing all or any part of the purchase price
thereof and any Lien to the extent that it secures Indebtedness
which is in excess of such purchase price and for the payment of
which recourse may be had only against such Principal
Property;
(5)Liens
to secure any Indebtedness incurred prior to, at the time of, or
within 12 months after the completion of the construction and
commencement of commercial operation, alteration, repair or
improvement of any Principal Property for the purpose of financing
all or any part of the cost thereof and any Lien to the extent that
it secures Indebtedness which is in excess of that cost and for the
payment of which recourse may be had only against the Principal
Property;
(6)Liens
in favor of us or any of our Restricted Subsidiaries;
(7)Liens
in favor of the United States or any state or any other country, or
any agency, instrumentality or political subdivision of any of the
foregoing, to secure partial, progress, advance or other payments
or performance pursuant to the provisions of any contract or
statute, or to secure any Indebtedness incurred for the purpose of
financing all or any part of the purchase price or the cost of
constructing or improving the property subject to such
Liens;
(8)Liens
imposed by law, such as mechanics’, workmen’s, repairmen’s,
materialmen’s, carriers’, warehousemen’s, vendors’ or other similar
Liens arising in the ordinary course of business, or federal, state
or municipal government Liens arising out of contracts for the sale
of products or services by us or any Restricted Subsidiary, or
deposits or pledges to obtain the release of any of the
foregoing;
(9)Pledges
or deposits under workmen’s compensation laws or similar
legislation and Liens of judgments thereunder which are not
currently dischargeable, or good faith deposits in connection with
bids, tenders, contracts (other than for the payment of money) or
leases to which we or any Restricted
Subsidiary is a party, or deposits to secure public or statutory
obligations of us or any Restricted Subsidiary, or deposits in
connection with obtaining or maintaining self-insurance or to
obtain the benefits of any law, regulation or arrangement
pertaining to unemployment insurance, old age pensions, social
security or similar matters, or deposits of cash or obligations of
the United States to secure surety, appeal or customs bonds to
which we or any Restricted Subsidiary is a party, or deposits in
litigation or other proceedings such as, but not limited to,
interpleader proceedings;
(10)Liens
in connection with legal proceedings being contested in good faith
by appropriate proceedings, including liens arising out of
judgments or awards against us or any Restricted Subsidiary, which
judgments or awards are being appealed, and Liens incurred for the
purpose of obtaining a stay order or discharge during a legal
proceeding to which we or any Restricted Subsidiary is a
party;
(11)Liens
for taxes or assessments or governmental charges or levies not yet
due or delinquent, or which can thereafter be paid without penalty,
or which are being contested in good faith by appropriate
proceedings;
(12)Liens
consisting of easements, rights of way and restrictions on the use
of real property, and defects in title, which do not (a) interfere
materially with the use of the property covered thereby in the
ordinary course of our or any Restricted Subsidiary’s business or
(b) materially detract from the property’s value in our opinion;
and
(13)Any
extension, renewal or replacement (or successive extensions,
renewals or replacements), in whole or in part, of any Lien
referred to in the foregoing clauses (2) through (12) above, so
long as the principal amount of the Indebtedness secured thereby
does not exceed the principal amount of Indebtedness so secured at
the time of the extension, renewal or replacement (except that,
where an additional principal amount of Indebtedness is incurred to
provide funds for the completion of a specific project, the
additional principal amount, and any related financing costs, may
be secured by the Lien as well) and the Lien is limited to the same
property subject to the Lien so extended, renewed or replaced, plus
improvements on the property.
Notwithstanding the foregoing, we and any one or more of our
Restricted Subsidiaries may issue, assume or guarantee Indebtedness
secured by a Lien that would otherwise be subject to the foregoing
restrictions if at the time of incurrence (the “Incurrence Time”),
the amount equal to the sum of:
•the
aggregate amount of the Indebtedness, plus
•all
of our other Indebtedness and the Indebtedness of our Restricted
Subsidiaries secured by a Lien that would otherwise be subject to
the foregoing restrictions (not including Indebtedness permitted to
be secured under the foregoing restrictions), plus
•the
aggregate Attributable Debt (as defined below) determined as of the
Incurrence Time of Sale and Leaseback Transactions (as defined
below), other than Sale and Leaseback Transactions permitted as
described under “—Restrictions on Sale and Leaseback Transactions”
below entered into after the date of the indenture and in existence
at the Incurrence Time, less
•the
aggregate amount of proceeds of such Sale and Leaseback
Transactions that have been applied as described under
“—Restrictions on Sale and Leaseback Transactions”
below,
does not exceed 15% of our Consolidated Net Tangible Assets (as
defined below).
“Attributable Debt” means, in respect of a Sale and Leaseback
Transaction and as of any particular time, the present value of the
obligation of the lessee thereunder for net rental payments during
the remaining term of such lease, including any extensions. The
present value of the obligation of the lessee is discounted at the
rate of interest implicit in the terms of the lease involved in the
Sale and Leaseback Transaction, as determined in good faith by us.
Net rental payments exclude any amounts required to be paid by the
lessee, whether or not designated as rent or additional rent, on
account of maintenance and repairs, services, insurance, taxes,
assessments, water rates or similar
charges or any amounts required to be paid by the lessee, subject
to monetary inflation or the amount of sales, maintenance and
repairs, insurance, taxes, assessments, water rates or similar
charges.
“Consolidated Net Tangible Assets” means the aggregate amount of
assets after deducting the following:
(a)applicable
reserves and other properly deductible items;
(b)all
goodwill, trade names, trademarks, patents, unamortized debt
discount and expense and other like intangibles; and
(c)all
current liabilities, as reflected in our latest consolidated
balance sheet contained in our most recent annual report on Form
10-K or quarterly report on Form 10-Q filed pursuant to the
Exchange Act prior to the time as of which “Consolidated Net
Tangible Assets” will be determined.
“Indebtedness” means, with respect to any Person on any date of
determination, without duplication:
(a)the
principal and premium (if any) in respect of indebtedness of such
Person for borrowed money;
(b)the
principal and premium (if any) in respect of all obligations of
such Person in the form of or evidenced by notes, debentures, bonds
or other similar instruments, including obligations incurred in
connection with its acquisition of property, assets or
businesses;
(c)capitalized
lease obligations of such Person;
(d)all
obligations of such Person under letters of credit, bankers’
acceptances or similar facilities issued for its
account;
(e)all
obligations of such Person issued or assumed in the form of a
deferred purchase price of property or services, including master
lease transactions pursuant to which such Person or its
subsidiaries have agreed to be treated as owner of the subject
property for federal income tax purposes (but excluding trade
accounts payable or accrued liabilities arising in the ordinary
course of business);
(f)all
payment obligations of such Person under swaps and other hedging
arrangements;
(g)all
obligations of such Person pursuant to its guarantee or assumption
of certain of another entity’s obligations and all dividend
obligations guaranteed or assumed by such Person;
(h)all
obligations to satisfy the expenses and fees of the trustee under
the indenture;
(i)all
obligations pursuant to all amendments, modifications, renewals,
extensions, refinancings, replacements and refundings by such
Person of certain of the obligations described above;
and
(j)guarantees
of any of the foregoing
provided,
however,
that Indebtedness shall not include any indebtedness of a
subsidiary to the Company or another subsidiary.
“Lien” means any mortgage, lien, pledge, charge of any kind
(including any conditional sale or other title retention agreement
or lease in the nature thereof), security interest or other
encumbrance.
“Principal Property” means all real and tangible personal property
owned or leased by the Company or any Restricted Subsidiary
constituting a part of any manufacturing or processing plant or
warehouse located within the United States, exclusive of (1) motor
vehicles and other rolling stock, (2) office furnishings and
equipment, and information and electronic data processing
equipment, (3) any property financed through the issuance of
tax-exempt industrial development bonds, (4) any real property held
for development or sale, or (5) any property which in the opinion
of our board of directors as evidenced by a resolution of the board
of directors is not of material importance to the total business
conducted by Albemarle and its Restricted Subsidiaries as an
entirety.
“Restricted Subsidiary” means any of our subsidiaries (a)
substantially all of whose property is located within the United
States and (b) which owns a Principal Property or in which our
investment exceeds 1% of the aggregate amount of assets included on
our consolidated balance sheet as of the end of the last fiscal
quarter for which financial information is available.
“Sale and Leaseback Transaction” means any arrangement involving
any bank, insurance company, or other lender or investor (in each
case that is not the Company or an affiliate of the Company) or to
which any such lender or investor is a party that provides for the
lease by us or one of our Restricted Subsidiaries for a period,
including renewals, in excess of three years of any Principal
Property which has been or is to be sold or transferred by us or
any Restricted Subsidiary to the lender or investor or to any
Person to whom funds have been or are to be advanced by such lender
or investor on the security of the Principal Property.
Restrictions on Sale and Leaseback Transactions
We have agreed not to, and will not permit any Restricted
Subsidiary to, enter into any Sale and Leaseback Transaction,
unless:
(1)we
or the Restricted Subsidiary would, at the time of entering into
the arrangement, be entitled, without equally and ratably securing
the debt securities of each series then outstanding, to incur,
issue, assume or guarantee Indebtedness secured by a lien on the
property, under the provisions described in clauses (2) through
(13) under the caption “—Limitation on Liens and Other
Encumbrances” above; or
(2)we,
within 180 days after the sale or transfer, apply to the retirement
of our Funded Debt an amount equal to the greater of:
a.
the net proceeds of the sale of the Principal Property sold and
leased back in connection with the arrangement; or
b.the
fair market value of the Principal Property so sold and leased back
at the time of entering into such arrangement.
Notwithstanding the foregoing, we and our Restricted Subsidiaries,
or any of us, may enter into a Sale and Leaseback Transaction that
would otherwise be prohibited as set forth above, if
either:
(1)such
transaction involves the transfer of property to a governmental
body, authority or corporation, such as a development authority,
and is entered into primarily for the purpose of obtaining economic
incentives and does not involve a third-party lender or investor;
or
(2)at
the time of and giving effect to the transaction, the amount equal
to the sum of:
a.the
aggregate amount of the Attributable Debt in respect of all Sale
and Leaseback Transactions existing at the time that could not have
been entered into except in reliance on this paragraph,
plus
b.the
aggregate amount of outstanding Indebtedness secured by Liens in
reliance on the second paragraph of “—Limitation on Liens and Other
Encumbrances”
does not at the time exceed 15% of our Consolidated Net Tangible
Assets.
“Funded Debt” means: (a) all Indebtedness maturing one year or more
from the date of its creation, (b) all Indebtedness directly or
indirectly renewable or extendible, at the option of the debtor, by
its terms or by the terms of the instrument or agreement relating
thereto, to a date one year or more from the date of its creation,
and (c) all Indebtedness under a revolving credit or similar
agreement obligating the lender or lenders to extend credit over a
period of one year or more.
Except for the limitations on Liens and other encumbrances and Sale
and Leaseback Transactions described above, each of which may not
apply to subordinated debt securities, and except as otherwise
provided in a prospectus
supplement, the indenture and the debt securities do not contain
any covenants or other provisions designed to afford holders of the
debt securities protection in the event of a highly leveraged
transaction involving the Company.
Consolidation, Merger and Sale of Assets
We are generally permitted to consolidate or merge with another
company. We are also permitted to sell or lease all or
substantially all of our properties and assets to another company.
However, we may not take any of these actions unless:
•where
we merge out of existence or sell or lease all or substantially all
our assets, the other company must be a corporation organized and
validly existing under the laws of a state of the United States or
the District of Columbia or under federal law, and it must
expressly assume all our obligations under the indenture and the
debt securities;
•immediately
after giving effect to the merger, sale of assets or other
transaction, no default or event of default exists;
•if,
as a result of such consolidation or merger, or such sale or lease
of assets, our or any Restricted Subsidiary’s properties or assets
would become subject to a Lien, then we and such Restricted
Subsidiary must comply with the covenants in the indenture
regarding Liens described above in “—Certain Covenants—Limitation
on Liens and Other Encumbrances”; and
•certain
other conditions are satisfied.
For the purposes of this provision, the sale, lease, conveyance,
assignment, transfer or other disposition of all or substantially
all of the properties and assets of one or more subsidiaries of the
Company, which properties and assets, if held by the Company
instead of such subsidiaries, would constitute all or substantially
all of the properties and assets of the Company on a consolidated
basis, shall be deemed to be the transfer of all or substantially
all of the properties and assets of the Company.
The indenture’s provisions regarding our consolidation, merger and
sale or lease of assets, as described above, include a phrase
relating to the conveyance, transfer or lease of “all or
substantially all” of our properties and assets. Although there is
a limited body of case law interpreting the phrase “substantially
all,” there is no precise, established definition of the phrase
under applicable law. Accordingly, the applicability of the
foregoing provisions in the case of a sale of such assets or
properties may be uncertain.
Modification and Waiver
There are three types of changes we can make to the indenture and
the debt securities issued under the indenture.
Changes Requiring Your Approval
First, there are changes that cannot be made to your debt
securities without the approval of each holder affected thereby.
Following is a list of those types of changes:
•change
the payment date of the principal or any installment of principal
or interest on a debt security;
•reduce
any other amounts due on a debt security;
•reduce
the amount of principal due and payable upon acceleration of the
maturity of a debt security (including the amount payable on an
original issue discount debt security) following a
default;
•change
the place or currency of payment on a debt security;
•impair
your right to institute suit to enforce any payment of any amount
due on your debt security;
•impair
any right that you may have to exchange or convert the debt
security for or into other securities;
•amend
the subordination provisions of any series of subordinated debt
securities or add subordination provisions to any series of senior
debt securities;
•reduce
the percentage in aggregate principal amount of debt securities of
any series whose consent is needed to modify or amend the indenture
or any supplement thereto;
•reduce
the percentage in principal amount of debt securities whose consent
is needed to waive our compliance with certain provisions of the
indenture or any supplement thereto or to waive certain defaults;
and
•modify
any other aspect of the provisions dealing with modification and
waiver of the indenture or any supplement thereto, except to
increase any applicable percentage of holders of debt securities
required for modification or provide that provisions may not be
modified except with the consent of each affected
holder.
Changes Requiring a Majority Vote
The second type of change to the indenture or any supplement
thereto and the debt securities is the kind that requires a vote in
favor by holders of a majority of the outstanding debt securities
affected by the change. Most other changes fall into this category,
except for changes noted above as requiring the approval of the
holders of each security affected thereby, and, as noted below,
waivers and changes not requiring any approval.
We would need a vote by holders of senior debt securities owning a
majority of the principal amount of all series affected by the
waiver, to obtain a waiver of certain of the restrictive covenants,
including the covenants described above under “—Certain
Covenants—Limitation on Liens and Other Encumbrances” and “—Certain
Covenants—Restrictions on Sale and Leaseback Transactions.” We also
need holders of senior debt securities or subordinated debt
securities owning a majority of the principal amount of the
relevant affected series to obtain a waiver of any past default
with respect to such series, except a payment default listed in the
first or second category described below under “—Default and
Related Matters—Events of Default—What Is an Event of
Default?”
The indenture provides that a supplemental indenture that changes
or eliminates any covenant or other provision of the indenture that
has expressly been included solely for the benefit of one or more
particular series of securities, or that modifies the rights of the
holders of securities of such series with respect to such covenant
or other provision, shall be deemed not to affect the rights under
the indenture of the holders of securities of any other
series.
Changes Not Requiring Approval.
The third type of change does not require any vote by holders of
debt securities. This type is limited to clarifications and certain
other changes that would benefit or would not adversely affect
holders of the debt securities.
Further Details Concerning Voting.
When taking a vote, we will use the following rules to decide how
much principal amount to attribute to a debt security:
•for
original issue discount debt securities, we will use the principal
amount that would be due and payable on the voting date if the
maturity of the debt securities were accelerated to that date
because of a default;
•for
debt securities whose principal amount is not known (for example,
because it is based on an index) we will use a special rule for
that debt security described in a prospectus supplement;
and
•for
debt securities denominated in one or more foreign currencies or
currency units, we will use the U.S. dollar equivalent determined
as of a specified date.
Debt securities will not be considered outstanding, and therefore
will not be eligible to vote, if we have deposited or set aside in
trust for you money for their payment or redemption or if they have
been fully defeased, as described
under “Defeasance—Legal Defeasance.” Debt securities owned by us or
any of our affiliates will also not be considered outstanding or
eligible to vote.
If we determine to set a record date, we will generally be entitled
to set any day as a record date for the purpose of determining the
holders of outstanding debt securities of any series that are
entitled to vote or take other action under the indenture. In some
circumstances, the trustee will be entitled to set a record date
for action by holders. If the trustee sets a record date for a vote
or other action to be taken by holders of a particular series, that
vote or action may be taken only by Persons who are holders of
outstanding securities of that series on the record date and the
action voted upon must be effective within 90 days following the
record date.
Indirect holders should consult their banks or brokers for
information on how approval may be granted or denied if we seek to
change an indenture or the debt securities or request a
waiver.
Satisfaction and Discharge
The following discussion of satisfaction and discharge provisions
will be applicable to your series of debt securities unless the
applicable prospectus supplement states that they will not apply to
that series.
We can satisfy our obligations under our outstanding debt
securities of any series and the indenture will cease to be of
further effect (with limited exceptions) if we put in place the
following arrangements for you to be repaid:
•either
(a) all debt securities of that series have been delivered to the
trustee for cancellation or (b) for any debt securities of that
series that have not been delivered to the trustee for
cancellation, they have become due and payable, or they will become
due and payable within one year, or they will be called for
redemption within one year under arrangements satisfactory to the
trustee, and in the case of (b), we have deposited, or caused to be
deposited, in trust with the trustee for your benefit and the
benefit of all other holders of that series of debt securities an
amount of cash and U.S. government notes or bonds that will
generate enough cash (without reinvestment) to make interest,
principal, premium and any other payments on that series of debt
securities on their due date;
•we
have paid or cause to be paid all other amounts payable by us under
the indenture relating to that series of debt
securities;
•no
default or event of default shall have occurred and be continuing
on the date of the deposit or shall occur as a result of the
deposit and the deposit will not result in a breach or violation
of, or constitute a default under, any other instrument to which we
are a party or by which we are bound;
•we
have deposited irrevocable instructions to the trustee to apply the
deposited money toward the payment of that series of debt
securities on their due date; and
•we
have delivered to the trustee an officers’ certificate and an
opinion of counsel, each stating that the conditions precedent for
the satisfaction and discharge of the indenture with respect to
that series of debt securities have been complied
with.
Defeasance
The following discussion of legal defeasance and covenant
defeasance provisions will be applicable to your series of debt
securities unless the applicable prospectus supplement states that
they will not apply to that series.
Legal Defeasance
If there is a change in federal income tax law, as described below,
we can legally release ourselves from any payment or other
obligations, with certain limited exceptions, on any series of debt
securities, called legal defeasance, if we put in place the
following arrangements for you to be repaid:
•we
must deposit, or cause to be deposited, in trust for your benefit
and the benefit of all other holders of that series of debt
securities an amount of cash and U.S. government notes or bonds
that will generate
enough cash (without reinvestment) to make interest, principal,
premium and any other payments on that series of debt securities on
their due date;
•we
must deliver to the trustee a legal opinion of our counsel that is
based on and confirms the tax law change described
below;
•no
event of default or event that with the passage of time or the
giving of notice, or both, shall constitute an event of default
shall have occurred and be continuing at the time of the deposit
described above (other than resulting from the borrowing of funds
to be applied to such deposit) or, with respect to an event of
default described in the sixth bullet point under “Default and
Related Matters—Events of Default—What Is an Event of Default?,” on
the later of (1) the 91st day after the date of the deposit or (2)
the day ending on the day following the expiration of the longest
preference period under any bankruptcy law applicable to the
Company in respect of such deposit;
•such
deposit and defeasance will not result in a breach or violation of,
or constitute a default under, any agreement or instrument to which
we are a party or by which we are bound;
•we
must comply with certain other conditions; and
•in
the case of the subordinated debt securities, the following
requirements must also be met:
•no
event or condition may exist that, under the provisions applicable
to such subordinated debt securities, would prevent us from making
payments of principal, premium or interest on those subordinated
debt securities on the date of the deposit referred to above or
during the 90 days after that date; and
•we
must deliver to the trustee an opinion of counsel to the effect
that (a) the trust funds will not be subject to any rights of
holders of senior indebtedness and (b) after the 90-day period
referred to above, the trust funds will not be subject to any
applicable bankruptcy, insolvency, reorganization or similar laws
affecting creditors’ rights generally, except that if a court were
to rule under any of those laws in any case or proceeding that the
trust funds remained our property, then the relevant trustee and
the holders of the subordinated debt securities would be entitled
to some enumerated rights as secured creditors in the trust
funds.
There must be a change in current federal income tax law or a U.S.
Internal Revenue Service ruling that lets us make the above deposit
without causing you to be taxed on the debt securities any
differently than if we did not make the deposit and just repaid the
debt securities at maturity or redemption.
In the event of legal defeasance, you would have to rely solely on
the trust holding the deposited cash and/or U.S. government notes
or bonds for repayment of the debt securities. In addition, in the
case of subordinated debt securities, the relevant subordination
provisions would not apply. You could not look to us for repayment
in the unlikely event of any shortfall. Conversely, the trust would
most likely be protected from claims of our lenders and other
creditors if we ever become bankrupt or insolvent.
Covenant Defeasance
Under current federal income tax law, we can make the same type of
deposit described above under “—Defeasance—Legal Defeasance” and be
released from some of the restrictive covenants in the debt
securities. This is called covenant defeasance. In that event, you
would lose the protection of those restrictive covenants but would
gain the protection of having cash and/or U.S. government notes or
bonds set aside in trust to repay the debt securities. In order to
achieve covenant defeasance, we must do the following:
•we
must deposit, or cause to be deposited, in trust for your benefit
and the benefit of all other holders of that series of debt
securities an amount of cash and U.S. government notes or bonds
that will generate enough cash (without reinvestment) to make
interest, principal, premium and any other payments on that series
of debt securities on their due date;
•we
must deliver to the trustee a legal opinion of our counsel
confirming that under current federal income tax law we may make
the above deposit without causing you to be taxed on the debt
securities any differently than if we did not make the deposit and
just repaid the debt securities at maturity or
redemption;
•no
event of default or event that with the passage of time or the
giving of notice, or both, shall constitute an event of default
shall have occurred and be continuing at the time of the deposit
described above (other than resulting from the borrowing of funds
to be applied to such deposit) or, with respect to an event of
default described in the sixth bullet point under “Default and
Related Matters—Events of Default—What Is an Event of Default?,” on
the later of (1) the 91st day after the date of the deposit or (2)
the day ending on the day following the expiration of the longest
preference period under any bankruptcy law applicable to the
Company in respect of such deposit;
•such
deposit and defeasance will not result in a breach or violation of,
or constitute a default under, any agreement or instrument to which
we are a party or by which we are bound;
•we
must comply with certain other conditions;
•in
the case of the subordinated debt securities, the following
requirements must also be met:
•no
event or condition may exist that, under the provisions applicable
to such subordinated debt securities, would prevent us from making
payments of principal, premium or interest on those subordinated
debt securities on the date of the deposit referred to above or
during the 90 days after that date; and
•we
must deliver to the trustee an opinion of counsel to the effect
that (a) the trust funds will not be subject to any rights of
holders of senior indebtedness and (b) after the 90-day period
referred to above, the trust funds will not be subject to any
applicable bankruptcy, insolvency, reorganization or similar laws
affecting creditors’ rights generally, except that if a court were
to rule under any of those laws in any case or proceeding that the
trust funds remained our property, then the relevant trustee and
the holders of the subordinated debt securities would be entitled
to some enumerated rights as secured creditors in the trust
funds.
If we accomplish covenant defeasance, the following provisions,
among others, of the indenture and the debt securities would no
longer apply:
•our
covenants previously described under “—Certain Covenants—Limitation
on Liens and Other Encumbrances” and “—Certain
Covenants—Restrictions on Sale and Leaseback
Transactions;”
•the
condition regarding the treatment of Liens when we merge or engage
in similar transactions as described under “—Certain
Covenants—Consolidation, Merger and Sale of Assets;”
•the
events of default relating to breach of covenants, described under
“—Default and Related Matters—Events of Default—What Is an Event of
Default?;” and
•any
other covenants applicable to the series of debt securities and
described in the prospectus supplement.
In addition, in the case of subordinated debt securities, the
relevant subordination provisions would not apply if we accomplish
covenant defeasance.
If we accomplish covenant defeasance, you could still look to us
for repayment of the debt securities if there were a shortfall in
the trust. In fact, if one of the remaining events of default
occurs, such as our bankruptcy, and the debt securities become
immediately due and payable, there may be a shortfall in the
trust.
Default and Related Matters
Events of Default
You will have special rights if an event of default occurs and is
not cured, as described later in this subsection.
What Is an Event of Default?
The term “event of default” means, with respect to any series of
debt securities, any of the following:
•we
do not pay the principal of or any premium on a debt security of
that series on its due date;
•we
do not pay interest on a debt security within 30 days of its due
date;
•we
do not deposit money into a separate custodial account, known as a
sinking fund, within 30 days of its due date, if we agree to
maintain any such sinking fund;
•we
fail to perform or remain in breach of any covenant contained in
the indenture for the benefit of the debt securities of that series
or any other term of the indenture for 60 days after we receive a
written notice of default stating we are in breach and requiring it
to be remedied. The notice must be sent by either the trustee or
holders of at least 25% of the aggregate principal amount of the
outstanding debt securities of the affected series;
•default
in the payment of principal when due or an acceleration of
Indebtedness of us, or, if guarantees are issued, the guarantor, or
any Significant Subsidiary for borrowed money where the aggregate
principal amount with respect to which the default or acceleration
has occurred aggregates $40 million or more;
•we
or any Significant Subsidiary files for, or consents to the filing
of, bankruptcy or certain other events of bankruptcy, insolvency or
reorganization occur; or
•any
other event of default described in the prospectus supplement
occurs.
“Significant Subsidiary” means any of our subsidiaries that would
be a “Significant Subsidiary” of the Company within the meaning of
Rule 1-02 under Regulation S-X promulgated by the SEC.
Remedies if an Event of Default Occurs.
If you are the holder of a subordinated debt security, all remedies
available upon the occurrence of an event of default under the
indenture will be subject to the restrictions on the subordinated
debt securities described in the applicable prospectus supplement.
If an event of default has occurred and has not been cured, the
trustee or the holders of 25% in aggregate principal amount of the
outstanding debt securities of the affected series may declare the
entire principal amount (or, in the case of original issue discount
debt securities, the portion of the principal amount that is
specified in the terms of the affected debt security) of all the
debt securities of that series to be due and immediately payable.
This is called a declaration of acceleration. If, however, we or
any Significant Subsidiary files for bankruptcy or certain other
events of bankruptcy, insolvency or reorganization occur, all of
the debt securities of the affected series shall become immediately
due and payable without any declaration of acceleration of maturity
or any other action on the part of the trustee or the holders of
the debt securities of the affected series. After any such
acceleration, but before a judgment or decree based on
acceleration, the holders of a majority in aggregate principal
amount of the outstanding debt securities of such series may, under
certain circumstances, rescind and annul such acceleration and its
consequences if all events of default in respect of such series,
other than the non-payment of accelerated principal (or other
specified amount), have been cured or waived as provided in the
indenture and certain other conditions are met. See “—Modification
and Waiver.”
Reference is made to the prospectus supplement relating to any
series of debt securities that are original issue discount debt
securities for the particular provisions relating to acceleration
of the maturity of a portion of the principal amount of original
issue discount debt securities upon the occurrence of an event of
default and its continuation.
Except in cases of default, where the trustee has some special
duties, the trustee is not required to take any action under the
indenture at the request of any holders unless the holders offer
the trustee protection satisfactory to the trustee from expenses
and liability, called an indemnity. If such indemnity is provided,
the holders of a majority in principal amount of the outstanding
debt securities of the relevant series may direct the time, method
and place of conducting any lawsuit or other formal legal action
seeking any remedy available to the trustee. These majority holders
may also direct the trustee in performing any other action under
the indenture with respect to the debt securities of that series.
The trustee may withhold notice of any default, except a default in
the payment of principal
or interest, from the holders of any series of debt securities if
the trustee in good faith considers it to be in the interest of
holders to do so.
No holder of any debt securities may institute any action under the
indenture unless:
•such
holder has given the trustee written notice of a continuing event
of default with respect to the debt securities;
•the
holders of not less than 25% in aggregate principal amount of the
debt securities of the relevant series then outstanding have made a
written request to the trustee to institute proceedings in respect
of such event of default;
•such
holder or holders have offered to the trustee indemnity
satisfactory to it;
•the
trustee has failed to institute an action for 60 days thereafter;
and
•no
inconsistent direction has been given to the trustee during such
60-day period by the holders of a majority in aggregate principal
amount of debt securities of that series.
However, you are entitled at any time to bring a lawsuit for the
payment of money due on your debt security on or after its due
date.
Street name and other indirect holders should consult their banks
or brokers for information on how to give notice or direction to or
make a request of the trustee and to make or cancel a declaration
of acceleration.
We will furnish to the trustee every year a written statement of
certain of our officers certifying that to their knowledge we are
in compliance with the indenture and the debt securities issued
under it, or else specifying any default or event of default and
its status.
Notices
We and the trustee will send notices regarding the debt securities
only to holders at their addresses as listed in the records of the
security registrar.
Governing Law
The indenture and the debt securities are governed by, and
construed in accordance with, the laws of the State of New
York.
Legal Ownership
Global Securities
What Is a Global Security?
A global security is a special type of indirectly held security, as
described below under “—Indirect Holders.”
If we choose to issue debt securities in the form of global
securities, the ultimate beneficial owners can only be indirect
holders. We do this by requiring that the global security be
registered in the name of a financial institution we select and by
requiring that the debt securities included in the global security
not be transferred to the name of any other direct holder unless
the special circumstances described below occur. The financial
institution that acts as the sole direct holder of the global
security is called the depositary. Unless otherwise stated in the
applicable prospectus supplement, the debt securities of a series
issued in the form of global securities will be deposited with The
Depository Trust Company (“DTC”), which will act as depositary for
the global securities.
Any Person wishing to own a debt security included in the global
security must do so indirectly by virtue of an account with a
broker, bank or other financial institution that in turn has an
account with the depositary. The prospectus supplement will
indicate whether your series of debt securities will initially be
issued only in the form of global securities.
Special Investor Considerations for Global
Securities.
As an indirect holder, an investor’s rights relating to a global
security will be governed by the account rules of the investor’s
financial institution and of the depositary, as well as general
laws relating to securities transfers. We do not recognize this
type of investor as a registered holder of debt securities and
instead deal only with the depositary that holds the global
security.
If you are an investor in debt securities that are issued only in
the form of global securities, you should be aware that
generally:
•you
cannot get debt securities registered in your own
name;
•you
cannot receive physical certificates for your interest in the debt
securities;
•you
will be a street name holder and must look to your own bank or
broker for payments on the debt securities and protection of your
legal rights relating to the debt securities. See “—Indirect
Holders;”
•you
may not be able to sell interests in the debt securities to some
insurance companies and other institutions that are required by law
to own their securities in the form of physical
certificates;
•the
depositary’s policies will govern payments, transfers, exchanges
and other matters relating to your interest in the global security.
We and the trustee have no responsibility for any aspect of the
depositary’s actions or for its records of ownership interests in
the global security. We and the trustee also do not supervise the
depositary in any way; and
•because
the debt securities will trade in DTC’s Same-Day Funds Settlement
System, when you buy or sell interests in the debt securities,
payment for them will have to be made in immediately available
funds. This could affect the attractiveness of the debt securities
to others.
Special Situations When a Global Security Will Be Exchanged For
Physical Certificates.
In a few special situations described below, interests in the
global security will be exchanged for physical certificates
representing debt securities. After that exchange, the choice of
whether to hold debt securities directly or indirectly will be up
to you. You must consult your own bank or broker to find out how to
have your interests in debt securities transferred to your own
name, so that you will be a direct holder. The rights of direct and
indirect holders in the debt securities are described below under
“—Direct Holders” and “—Indirect Holders.”
The special situations when a global security may be exchanged for
physical certificates are:
•when
the depositary notifies us that it is unwilling, unable or no
longer qualified to continue as depositary and no successor
depositary has been appointed within 90 days after this
notice;
•when
we notify the trustee that we wish to exchange physical
certificates for the global security, provided that we understand
that under current industry practices, DTC would notify its
participants of this determination, but would only withdraw
beneficial interests from a global security at the request of
participants; or
•when
an event of default on the debt securities has occurred and has not
been cured.
Defaults are discussed above under “—Default and Related
Matters.”
The prospectus supplement may also list additional situations when
a global security may be exchanged for physical certificates that
would apply only to the particular series of debt securities
covered by that prospectus supplement. When physical certificates
are to be exchanged for a global security, the depositary (and not
we or the trustee) is responsible for deciding the names of the
institutions that will be the initial direct holders of the
physical certificates.
Direct Holders
Our obligations, as well as the obligations of the trustee and
those of any third parties employed by us or the trustee, are only
to Persons or entities who are the direct holders of debt
securities (i.e., those who are registered as holders of debt
securities). As noted below, we do not have obligations to you if
you hold through indirect means, either
because you choose to hold debt securities in that manner or
because the debt securities are issued in the form of global
securities as described above. For example, once we make payment to
the registered holder, we have no further responsibility for the
payment even if that registered holder is legally required to pass
the payment along to you as a street name customer but does not do
so.
Indirect Holders
Investors who hold debt securities in accounts at banks or brokers
will not be recognized by us as legal holders of debt securities.
These intermediary banks, brokers and other financial institutions
pass along principal, interest and other payments on the debt
securities, either because they agree to do so in their customer
agreements or because they are legally required to do so. If you
hold debt securities in street name, you should check with your own
institution to find out:
•how
it handles securities payments and notices;
•whether
it imposes fees or charges;
•how
it would handle voting if ever required;
•whether
and how you can instruct it to send you debt securities registered
in your own name so you can be a direct holder as described below;
and
•how
it would pursue rights under the debt securities if there were a
default or other event triggering the need for holders to act to
protect their interests.
DESCRIPTION OF WARRANTS
We may issue (either separately or together with other offered
securities) warrants to purchase underlying shares of common stock
or preferred stock or debt securities issued by us. We will issue
the warrants under warrant agreements (each, a “warrant agreement”)
to be entered into between us and a bank or trust company, as
warrant agent (the “warrant agent”), identified in the prospectus
supplement or term sheet. In this “Description of Warrants”
section, references to “Albemarle,” “the Company,” “we,” “our” or
“us” are only to Albemarle Corporation and not its
subsidiaries.
Because this section is a summary, it does not describe every
aspect of the warrants and warrant agreement. We urge you to read
the warrant agreement because it, and not this description, defines
your rights as a holder of warrants. We will file the form of
warrant agreement with the SEC at or before the time we issue any
warrants. See “Where You Can Find More Information” for information
on how to obtain a copy of the warrant agreement.
General
You should read the prospectus supplement or term sheet for the
material terms of the offered warrants, including the following, as
applicable:
•The
title and aggregate number of the warrants.
•The
number of shares of common stock or preferred stock that may be
purchased upon exercise of warrants exercisable for common stock or
preferred stock; the price, or the manner of determining the price,
at which the shares may be purchased upon exercise; if other than
cash, the property and manner in which the exercise price may be
paid; and any minimum number of warrants that must be exercised at
any one time.
•The
title, rank, aggregate principal amount and terms of the underlying
debt securities purchasable upon exercise of warrants exercisable
for debt securities.
•The
time or times at which, or period or periods in which, the warrants
may be exercised and the expiration date of the
warrants.
•The
principal amount of underlying debt securities that may be
purchased upon exercise of each warrant exercisable for debt
securities, and the price or the manner of determining the price at
which this principal amount may be purchased upon
exercise.
•Any
optional redemption terms.
•The
terms of any right that we may have to accelerate the exercise of
the common warrants upon the occurrence of certain
events.
•Whether
the warrants will be sold with any other offered securities and, if
so, the amount and terms of these other securities.
•Whether
certificates evidencing warrants exercisable for debt securities
will be issued in registered or bearer form and, if registered,
where they may be transferred and exchanged.
•The
date, if any, on and after which the warrants and any other offered
securities will be separately transferable.
•Any
other material terms of the warrants.
The prospectus supplement or term sheet will also contain a
discussion of the United States federal income tax considerations
relevant to the offering.
Certificates representing warrants will be exchangeable for new
warrant certificates of different denominations. We will not impose
a service charge for any permitted transfer or exchange of warrant
certificates, but we may require
payment of any tax or other governmental charge payable in
connection therewith. Warrants may be exercised at the corporate
trust office of the warrant agent or any other office indicated in
the prospectus supplement or term sheet.
Exercise of Warrants
Each offered warrant will entitle the holder thereof to purchase
the amount or number of underlying securities at the exercise price
set forth in, or calculable from, the prospectus supplement or term
sheet relating to the warrants. After the close of business on the
applicable expiration date, unexercised warrants will be
void.
Warrants may be exercised by payment to the warrant agent of the
exercise price and by delivery to the warrant agent of the related
warrant certificate, with the reverse side thereof properly
completed. Warrants will be deemed to have been exercised upon
receipt of the exercise price and the warrant certificate or
certificates. Upon receipt of the payment and the properly
completed warrant certificates, we will, as soon as practicable,
deliver the underlying securities purchased upon the
exercise.
If fewer than all of the warrants represented by any warrant
certificate are exercised, a new warrant certificate will be issued
for the unexercised offered warrants. The holder of an offered
warrant will be required to pay any tax or other governmental
charge that may be imposed in connection with any transfer involved
in the issuance underlying securities purchased upon
exercise.
Modifications
There are three types of changes we can make to a warrant agreement
and the warrants issued thereunder.
Changes Requiring Your Approval.
First, there are changes that cannot be made to your warrants
without your specific approval. Those types of changes include
modifications and amendments that:
•accelerate
the expiration date;
•reduce
the number of outstanding warrants, the consent of the holders of
which is required for a modification or amendment; or
•otherwise
materially and adversely affect the rights of the holders of the
warrants.
Changes Not Requiring Approval.
The second type of change does not require any vote by holders of
the warrants. This type of change is limited to clarifications and
other changes that would not materially adversely affect the
interests of the holders of the warrants.
Changes Requiring a Majority Vote.
Any other change to the warrant agreement requires a vote in favor
by holders of not fewer than a majority in number of the then
outstanding unexercised warrants affected thereby. Most changes
fall into this category.
Warrant Adjustments
The terms and conditions on which the exercise price of and/or the
number of shares of common stock or preferred stock covered by a
warrant are subject to adjustment will be set forth in the warrant
agreement and the prospectus supplement or term sheet. The terms
will include provisions for adjusting the exercise price and/or the
number of shares covered by the warrant; the events requiring the
adjustment; the events upon which we may, in lieu of making the
adjustment, make proper provisions so that the holder of a warrant,
upon exercise thereof, would be treated as if the holder had
exercised the warrant prior to the occurrence of the events; and
provisions affecting exercise in the event of certain events
affecting the common stock or preferred stock.
No Rights as Holders of Underlying Securities
Holders of warrants are not entitled, by virtue of being holders,
to receive dividends or to vote, consent or receive notice as our
shareholders in respect of any meeting of shareholders for the
election of our directors or for any other matter, as applicable,
or exercise any other rights whatsoever as our shareholders or
holders of underlying debt securities. Before warrants exercisable
for debt securities are exercised, holders are not entitled to
payments of
principal, premium or interest, if any, on the related underlying
debt securities or to exercise any rights whatsoever as holders of
the underlying debt securities.
DESCRIPTION OF UNITS
Albemarle Corporation may issue units that will represent an
interest in one or more debt securities, preferred stock, common
stock or warrants, in any combination, which may or may not be
separable from one another. Each unit will be issued under a unit
agreement. Albemarle Corporation will set forth in the applicable
prospectus supplement a description of any units issued by it that
may be offered pursuant to this prospectus.
PLAN OF DISTRIBUTION
We may sell the offered securities:
•through
agents;
•to
or through underwriters or dealers;
•directly
to other purchasers; or
•through
a combination of any of these methods of sale.
Any underwriters or agents will be identified and their discounts,
commissions and other items constituting underwriters’ compensation
and any securities exchanges on which the securities are listed
will be described in the applicable prospectus supplement or term
sheet.
We (directly or through agents) may sell, and the underwriters may
resell, the offered securities in one or more transactions,
including negotiated transactions, at a fixed public offering price
or prices, which may be changed, or at market prices prevailing at
the time of sale, at prices related to prevailing market prices or
at negotiated prices.
In order to facilitate the offering of the offered securities, the
underwriters or agents may engage in transactions that stabilize,
maintain or otherwise affect the price of the securities or any
other securities the prices of which may be used to determine
payments on such securities. These transactions may include short
sales, stabilizing transactions and purchases to cover positions
created by short sales. Short sales involve the sale by the
underwriters or agents of a greater number of securities than they
are required to purchase in the offering. “Covered” short sales are
sales made in an amount not greater than the underwriters’ or
agents’ option to purchase additional securities from us in the
offering. The underwriters or agents may close out any covered
short position by either exercising the option to purchase
additional securities or purchasing securities in the open market.
In determining the source of securities to close out the covered
short position, the underwriters or agents will consider, among
other things, the price of securities available for purchase in the
open market as compared to the price at which they may purchase
securities through the option. “Naked” short sales are sales in
excess of the option. The underwriters or agents must close out any
naked short position by purchasing securities in open market. A
naked short position is more likely to be created if the
underwriters or agents are concerned that there may be a downward
pressure on the price of the securities in the open market after
pricing that could adversely affect investors who purchase in the
offering. Stabilizing transactions consist of certain bids for or
purchases of the securities made by the underwriters or agents in
the open market prior to the completion of the offering. Any of
these activities may stabilize or maintain the market price of the
securities above independent market levels. The underwriters or
agents are not required to engage in these activities, and may end
any of these activities at any time.
In connection with the sale of offered securities, the underwriters
or agents may receive compensation from us or from purchasers of
the offered securities for whom they may act as agents. The
underwriters may sell offered securities to or through dealers, who
may also receive compensation from purchasers of the offered
securities for whom they may act as agents. Compensation may be in
the form of discounts, concessions or commissions. Underwriters,
dealers and agents that participate in the distribution of the
offered securities may be underwriters as defined in the Securities
Act, and any discounts or commissions received by them from us and
any profit on the resale of the offered securities by them may be
treated as underwriting discounts and commissions under the
Securities Act.
We will indemnify the underwriters and agents against certain civil
liabilities, including liabilities under the Securities Act, or
contribute to payments they may be required to make in respect of
such liabilities.
Underwriters, dealers and agents may engage in transactions with,
or perform services for, us or our affiliates in the ordinary
course of their businesses.
If so indicated in the prospectus supplement or term sheet relating
to a particular series or issue of offered securities, we will
authorize underwriters, dealers or agents to solicit offers by
certain institutions to purchase the offered securities from us
under delayed delivery contracts providing for payment and delivery
at a future date. These
contracts will be subject only to those conditions set forth in the
prospectus supplement or term sheet, and the prospectus supplement
or term sheet will set forth the commission payable for
solicitation of these contracts.
In connection with the distribution of the offered securities or
otherwise, we may enter into hedging transactions with
broker-dealers or other financial institutions. In connection with
such transactions, broker-dealers or other financial institutions
may engage in short sales of our securities in the course of
hedging the positions they assume with us. We may also sell offered
securities short and deliver the securities offered by this
prospectus to close out our short positions. We may also enter into
option or other transactions with broker-dealers or other financial
institutions, which require the delivery to such broker-dealer or
other financial institution of securities offered by this
prospectus, which securities such broker-dealer or other financial
institution may resell pursuant to this prospectus, as supplemented
or amended to reflect such transaction. We may also from time to
time pledge our offered securities pursuant to the margin
provisions of our customer agreements with our brokers. Upon our
default, the broker may offer and sell such pledged securities from
time to time pursuant to this prospectus, as supplemented or
amended to reflect such transaction.
Unless otherwise indicated in your prospectus supplement or
confirmation of sale, the purchase price of the securities will be
required to be paid in immediately available funds in New York
City.
LEGAL MATTERS
The validity of the securities offered hereby and certain other
legal matters will be passed upon for us by K&L Gates LLP,
Charlotte, North Carolina and/or Troutman Pepper Hamilton Sanders
LLP, Richmond, Virginia.
EXPERTS
The financial statements and management’s assessment of the
effectiveness of internal control over financial reporting (which
is included in Management’s Report on Internal Control over
Financial Reporting) incorporated in this Prospectus by reference
to the Annual Report on Form 10-K for the year ended December 31,
2022 have been so incorporated in reliance on the report (which
contains a paragraph relating to the effectiveness of internal
control over financial reporting due to the exclusion of Guangxi
Albemarle Lithium Co., Ltd. because it was acquired by the Company
in a purchase business combination during 2022) of
PricewaterhouseCoopers LLP, an independent registered public
accounting firm, given on the authority of said firm as experts in
auditing and accounting.
Each of the following Qualified Persons, as defined in subpart 1300
of Regulation S-K, has prepared a technical report for us or one of
our subsidiaries which has been described or included in documents
incorporated by reference herein:
•SRK
Consulting (U.S.) Inc. (“SRK”) prepared a technical report summary,
dated February 14, 2023, entitled “Pre-Feasibility Study
Greenbushes Mine Western Australia” (the “Greenbushes Technical
Report Summary”).
•SRK
prepared a technical report summary, dated December 16, 2022,
entitled “SEC Technical Report Summary, Initial Assessment,
Wodgina, Western Australia, prepared by SRK Consulting (U.S),
Inc.”
•SRK
prepared a technical report summary, dated February 14, 2023,
entitled “Pre-Feasibility Study, Salar de Atacama Region II, Chile,
prepared by SRK Consulting (U.S), Inc” (the “Salar Technical Report
Summary”).
•SRK
prepared a technical report summary, dated February 14, 2023,
entitled “Pre-Feasibility Study, Silver Peak Lithium Operation,
Nevada, USA, prepared by SRK Consulting (U.S), Inc” (the “Silver
Peak Technical Report Summary”).
•Fastmarkets
Group Limited prepared reports on market studies contained in
Section 16 of each of the Greenbushes Technical Report Summary, the
Salar Technical Report Summary, and the Silver Peak Technical
Report Summary.
•RPS
Energy Canada Ltd (“RPS”) and RESPEC Consulting Inc. prepared a
technical report summary, dated February 15, 2023, entitled “Jordan
Bromine Operation.”
•RPS
prepared a technical report summary, dated February 15, 2023,
entitled “Magnolia Field Bromine Reserves.”
Such descriptions have been incorporated by reference herein upon
the authority of each Qualified Person as experts with respect to
the matters covered by such report summary and in giving such
report summary.
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
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Item 14. |
Other Expenses of Issuance and Distribution |
The following table sets forth the expenses to be incurred in
connection with the sale and distribution of the securities being
registered hereunder, other than fees, discounts, commissions and
expenses to be paid or allowed to dealers, brokers or agents. All
amounts set forth are estimated and subject to change.
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SEC registration fee
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$ |
+ |
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Printing fees
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* |
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Trustee fees
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* |
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Rating Agency fees
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* |
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Legal fees and expenses
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* |
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Accounting fees and expenses
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* |
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Miscellaneous expenses
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* |
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Total
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* |
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+ |
To be paid on a pay-as-you-go basis pursuant to Rules 456(b) and
457(r). |
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* |
Estimated expenses are not presently known. |
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Item 15.
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Indemnification of Directors and Officers
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The VSCA permits, and the amended and restated articles of
incorporation of the Company require, the Company to indemnify its
directors and officers in a variety of circumstances, which may
include indemnification for liabilities under the Securities Act.
Under the VSCA, a Virginia corporation generally is authorized to
indemnify its directors and officers in civil and criminal actions
if they acted in good faith and believed their conduct to be in or
not opposed to the best interests of the corporation and, in the
case of criminal actions, had no reasonable cause to believe that
the conduct was unlawful. Unless limited by a corporation’s
articles of incorporation, the VSCA requires such indemnification
when a director or officer entirely prevails in the defense of any
proceeding to which he or she was a party because he or she is or
was a director or officer of the corporation, and further provides
that a corporation may make any other or further indemnity
(including indemnity with respect to a proceeding by or in the
right of the corporation), and may make additional provision for
advances and reimbursement of expenses, if authorized by its
articles of incorporation or a shareholder-adopted bylaw or
resolution, except an indemnity against willful misconduct or a
knowing violation of the criminal law. The VSCA establishes a
statutory limit on liability of officers and directors of a
corporation for damages assessed against them in a suit brought by
or in the right of the corporation or brought by or on behalf of
shareholders of the corporation and authorizes a corporation to
specify a lower monetary limit on liability (including the
elimination of liability for monetary damages) in the corporation’s
articles of incorporation or bylaws; however, the liability of an
officer or director shall not be limited if such officer or
director engaged in willful misconduct or a knowing violation of
the criminal law or of any federal or state securities
law.
The Company’s amended and restated articles of incorporation
require indemnification of directors and officers with respect to
certain liabilities and expenses imposed upon them by reason of
having been a director or officer, except in the case of willful
misconduct or a knowing violation of the criminal law. In addition,
as permitted by the VSCA, the Company’s amended and restated
articles of incorporation eliminate the liability for monetary
damages of a director or officer in a proceeding brought by or in
the right of the corporation or its shareholders. This elimination
of liability will not apply if the director or officer engaged in
willful misconduct or a knowing violation of criminal law or any
federal or state securities law. Article 10 of the VSCA is
incorporated herein by reference.
Any underwriting agreement for the securities may contain
provisions entitling the Company’s directors, its officers who
signed the registration statement and persons controlling the
Company to indemnification against certain liabilities that might
arise under the Securities Act from certain information furnished
to the Company by or on behalf of any such indemnifying
party.
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(a) |
The exhibits listed in the following table have been filed as part
of this registration statement. |
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Exhibit
Number |
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Description of Exhibit |
1.1** |
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Form of Underwriting Agreement. |
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3.1 |
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3.2 |
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4.1 |
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Specimen Certificate for shares of Albemarle Corporation’s Common
Stock, filed as Exhibit 4.1 to the Company’s Registration Statement
on Form 10/A (No. 1-12658), filed on February 11, 1994, and
incorporated herein by reference.
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4.2** |
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Form of Certificate of Designations of Preferred Stock. |
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4.3 |
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4.4 |
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4.5 |
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Fourth Supplemental Indenture, dated as of January 29, 2015, among
Albemarle Corporation, Rockwood Holdings, Inc. (as successor by
merger to Albemarle Holdings Corporation), Rockwood Specialties
Group, Inc. (as successor by merger to Albemarle Holdings II
Corporation), The Bank of New York Mellon Trust Company, N.A., a
national banking association, as successor to The Bank of New York,
as resigning trustee, and U.S. Bank National Association, as
successor trustee filed as Exhibit 4.1 to the Company’s Current
Report on Form 8-K (No. 1-12658) filed on January 29, 2015, and
incorporated herein by reference.
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4.6** |
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Form of Warrant Agreement (including Form of Warrant). |
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4.7** |
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Form of Unit Certificate. |
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5.1* |
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5.2* |
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23.1* |
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23.2*
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23.3* |
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23.4* |
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23.5* |
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23.6* |
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23.7* |
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24.1* |
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Powers of Attorney of Directors and Certain Officers of the
Registrant (included on the signature pages hereof. |
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25.1* |
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96.1 |
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SEC Technical Report Summary, Pre-Feasibility Study, Greenbushes
Mine, Western Australia, prepared by SRK Consulting (U.S), Inc.,
dated February 14, 2023, as filed as Exhibit 96.1 to the Company’s
Current Report on Form 8-K (No. 1-12658) filed on February 15,
2023, and incorporated herein by reference.
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96.2 |
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SEC Technical Report Summary, Initial Assessment, Wodgina, Western
Australia, prepared by SRK Consulting (U.S), Inc., dated December
16, 2022, as filed as Exhibit 96.2 to Amendment No. 2 of the
Company’s Annual Report on Form 10-K/A (No. 1-12658) filed on
January 26, 2023, and incorporated herein by
reference.
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96.3 |
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SEC Technical Report Summary, Pre-Feasibility Study, Salar de
Atacama Region II, Chile, prepared by SRK Consulting (U.S), Inc.,
dated February 14, 2023, as filed as Exhibit 96.2 to the Company’s
Current Report on Form 8-K (No. 1-12658) filed on February 15,
2023, and incorporated herein by reference.
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96.4 |
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SEC Technical Report Summary Pre-Feasibility Study, Silver Peak
Lithium Operation, Nevada, USA, prepared by SRK Consulting (U.S),
Inc., dated February 14, 2023, as filed as Exhibit 96.3 to the
Company’s Current Report on Form 8-K (No. 1-12658) filed on
February 15, 2023, and incorporated herein by
reference.
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96.5 |
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96.6 |
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107* |
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* |
Filed herewith |
** |
To be filed by amendment or as an exhibit to a Current Report on
Form 8-K and incorporated by reference in the registration
statement |
The undersigned registrant hereby undertakes:
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(1) |
To file, during any period in which offers or sales are being made,
a post-effective amendment to this Registration
Statement: |
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(i) |
to include any prospectus required by Section 10(a)(3) of the
Securities Act; |
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(ii) |
to reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set
forth in the registration statement. Notwithstanding the foregoing,
any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that
which was registered) and any deviation from the low or high end of
the estimated maximum offering range may be reflected in the form
of prospectus filed with the SEC pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more than a
20% change in the maximum aggregate offering price set forth in the
“Calculation of Registration Fee” table in the effective
registration statement; |
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(iii) |
to include any material information with respect to the plan of
distribution not previously disclosed in the registration statement
or any material change to such information in the registration
statement; |
provided,
however,
that clauses (1)(i), (1)(ii) and (1)(iii) do not apply if the
information required to be included in a post-effective amendment
by those clauses is contained in reports filed with or furnished to
the SEC by the registrant pursuant to Section 13 or Section 15(d)
of the Exchange Act that are incorporated by reference in the
registration statement, or is contained in a form of prospectus
filed pursuant to Rule 424(b) under the Securities Act that is part
of the registration statement;
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(2) |
That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering
thereof. |
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(3) |
To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the
termination of the offering. |
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(4) |
That, for the purpose of determining liability under the Securities
Act to any purchaser: |
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(i) |
Each prospectus filed by the registrant pursuant to Rule 424(b)(3)
shall be deemed to be part of the registration statement as of the
date the filed prospectus was deemed part of and included in the
registration statement; and |
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(ii) |
Each prospectus required to be filed pursuant to Rule 424(b)(2),
(b)(5), or (b)(7) as part of a registration statement in reliance
on Rule 430B relating to an offering made pursuant to Rule
415(a)(1)(i), (vii), or (x) for the purpose of providing the
information required by section 10(a) of the Securities Act shall
be deemed to be part of and included in the registration statement
as of the earlier of the date such form of prospectus is first used
after effectiveness or the date of the first contract of sale of
securities in the offering described in the prospectus. As provided
in Rule 430B, for liability purposes of the issuer and any person
that is at that date an underwriter, such date shall be deemed to
be a new effective date of the registration statement relating to
the securities in the registration statement to which that
prospectus relates, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering
thereof. |
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Provided, however, that no statement made in a registration
statement or prospectus that is part of the registration statement
or made in a document incorporated or deemed incorporated by
reference into the registration statement or prospectus that is
part of the registration statement will, as to a purchaser with a
time of contract of sale prior to such effective date, supersede or
modify any statement that was made in the registration statement or
prospectus that was part of the registration statement or made in
any such document immediately prior to such effective
date. |
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(5) |
That, for the purpose of determining liability of the registrant
under the Securities Act to any purchaser in the initial
distribution of the securities: |
The undersigned registrant undertakes that in a primary offering of
securities of the undersigned registrant pursuant to this
Registration Statement, regardless of the underwriting method used
to sell the securities to the purchaser, if the securities are
offered or sold to such purchaser by means of any of the following
communications, the undersigned registrant will be a seller to the
purchaser and will be considered to offer or sell such securities
to such purchaser:
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(i) |
Any preliminary prospectus or prospectus of the undersigned
registrant relating to the offering required to be filed pursuant
to Rule 424; |
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(ii) |
Any free writing prospectus relating to the offering prepared by or
on behalf of the undersigned registrant or used or referred to by
the undersigned registrant; |
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(iii) |
The portion of any other free writing prospectus relating to the
offering containing material information about the undersigned
registrant or its securities provided by or on behalf of the
undersigned registrant; and |
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(iv) |
Any other communication that is an offer in the offering made by
the undersigned registrant to the purchaser. |
The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of
the registrant’s annual report pursuant to Section 13(a) or Section
15(d) of the Exchange Act (and, where applicable, each filing of an
employee benefit plan’s annual report pursuant to Section 15(d) of
the Exchange Act) that is incorporated by reference in the
registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.
Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and
controlling persons of the registrant pursuant to the foregoing
provisions, or otherwise, the registrant has been advised that in
the opinion of the SEC such indemnification is against public
policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant
of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in
the Securities Act and will be governed by the final adjudication
of such issue.
The undersigned registrant hereby undertakes to file an application
for the purpose of determining the eligibility of the Trustee to
act under subsection (a) of Section 310 of the Trust Indenture Act,
in accordance with the rules and regulations prescribed by the SEC
under Section 305(b)(2) of the Trust Indenture Act.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
undersigned registrant certifies that it has reasonable grounds to
believe that it meets all of the requirements for filing on Form
S-3 and has duly caused this registration statement to be signed on
its behalf by the undersigned, thereunto duly authorized, in the
City of Charlotte, State of North Carolina, on the
15th
day of February, 2023.
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ALBEMARLE CORPORATION
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By:
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/s/ KRISTIN M. COLEMAN
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Name:
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Kristin M. Coleman
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Title:
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Executive Vice President, Corporate Secretary and General
Counsel |
POWER OF ATTORNEY AND SIGNATURES
KNOW ALL MEN BY THESE PRESENTS, that each individual whose
signature appears below hereby constitutes and appoints the Chief
Executive Officer, General Counsel and the Chief Financial Officer,
now or hereafter serving, of Albemarle Corporation, and each of
them individually, his or her true and lawful agent, proxy and
attorney-in-fact, with full power of substitution and
resubstitution, for him or her and in his or her name, place and
stead, in any and all capacities, to (i) act on, sign and file with
the Securities and Exchange Commission any and all amendments to
this registration statement (which includes any additional
registration statement under Rule 462(b)) together with all
schedules and exhibits thereto, (ii) act on, sign and file with the
Securities and Exchange Commission any and all exhibits to this
registration statement and any and all exhibits and schedules
thereto, (iii) act on, sign and file any and all such certificates,
applications, registration statements, notices, reports,
instruments, agreements and other documents necessary or
appropriate in connection with the registration or qualification
under foreign and state securities laws of the securities described
in this registration statement or any amendment thereto, or to
obtain an exemption therefrom, in connection with the offerings
described therein and (iv) take any and all such actions which may
be necessary or appropriate in connection therewith, granting unto
such agents, proxies and attorneys-in-fact, and each of them
individually, full power and authority to do and perform each and
every act and thing necessary or appropriate to be done, as fully
for all intents and purposes as he or she might or could do in
person, and hereby approving, ratifying and confirming all that
such agents, proxies and attorneys-in-fact, any of them or any of
his or her or their substitute or substitutes may lawfully do or
cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed below by the following
persons in the capacities and on the dates indicated.
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Signature |
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Title |
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Date |
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/S/ J.
KENT
MASTERS
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Chairman, President and Chief Executive Officer (principal
executive officer) |
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February 15, 2023 |
(J. Kent Masters) |
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/S/ SCOTT
A. TOZIER
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Executive Vice President, Chief Financial Officer (principal
financial officer) |
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February 15, 2023 |
(Scott A. Tozier) |
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/S/ M.
LAUREN
BRLAS
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Director |
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February 15, 2023 |
(M. Lauren Brlas) |
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/S/ RALF
H. CRAMER
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Director |
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February 15, 2023 |
(Ralf H. Cramer) |
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/S/ GLENDA
J. MINOR
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Director |
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February 15, 2023 |
(Glenda J. Minor) |
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/S/ JAMES
J. O’BRIEN
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Director |
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February 15, 2023 |
(James J. O’Brien) |
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/S/ DIARMUID
B. O’CONNELL
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Director |
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February 15, 2023 |
(Diarmuid B. O’Connell) |
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/S/ DEAN
L. SEAVERS
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Director |
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February 15, 2023 |
(Dean L. Seavers) |
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/S/ GERALD
A.
STEINER
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Director |
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February 15, 2023 |
(Gerald A. Steiner) |
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/S/ HOLLY
A. VAN
DEURSEN
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Director |
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February 15, 2023 |
(Holly A. Van Deursen) |
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/S/ ALEJANDRO
D. WOLFF
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Director |
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February 15, 2023 |
(Alejandro D. Wolff) |
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