NewMarket Announces the Redemption of Senior Notes Due 2022
February 09 2022 - 8:00AM
Business Wire
NewMarket Corporation (NYSE: NEU) announced today that it will
redeem the entire outstanding principal amount of its 4.10% Senior
Notes due 2022 (the “2022 Notes”). The redemption date for the 2022
Notes is March 15, 2022 (the “Redemption Date”). The aggregate
principal amount of the 2022 Notes outstanding is $350 million. The
redemption price for the 2022 Notes will consist of 100% of the
principal amount of the Notes outstanding plus (i) the applicable
premium as set forth in the Indenture dated December 20, 2012, and
(ii) accrued and unpaid interest on the 2022 Notes, in each case as
of, but not including, the Redemption Date.
As previously announced in March 2021, NewMarket completed the
public offer and sale of $400 million in aggregate principal amount
of its 2.70% Senior Notes due 2031 (the “2031 Notes”). NewMarket
plans to use the cash on hand derived from the issuance of the 2031
Notes to fund the redemption of the 2022 Notes.
A notice of redemption is being sent to all currently registered
holders of the 2022 Notes by the Trustee, U.S. Bank National
Association.
NewMarket Corporation, through its subsidiaries Afton Chemical
Corporation and Ethyl Corporation, develops, manufactures, blends,
and delivers chemical additives that enhance the performance of
petroleum products. From custom-formulated additive packages to
market-general additives, the NewMarket family of companies
provides the world with the technology to make engines run
smoother, machines last longer, and fuels burn cleaner.
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, such as statements regarding the early redemption. While
NewMarket believes that its assumptions concerning these future
events are reasonable, a number of factors could cause actual
results to differ materially from expectations, including factors
detailed from time to time in the reports that NewMarket files with
the Securities and Exchange Commission, including the risk factors
in Item 1A. “Risk Factors” of our 2020 Annual Report on Form 10-K,
which is available to shareholders upon request. Forward-looking
statements speak only as of the date they are made, and the
NewMarket undertakes no obligation to update any of them publicly
in light of new information or future events.
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version on businesswire.com: https://www.businesswire.com/news/home/20220208005833/en/
FOR INVESTOR INFORMATION CONTACT: Brian D. Paliotti
Investor Relations Phone: 804.788.5555 Fax: 804.788.5688
Email: investorrelations@newmarket.com
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