Chemtura Completes $500 Million Notes Offering.MIDDLEBURY, Conn. -- Chemtura Corporation (NYSE NYSE See: New York Stock Exchange :CEM CEM contagious equine metritis. CEM selective medium chocolate agar made with Eugon agar and 5% horse blood; used to cultivate Taylorella equigenitalis. ) announced the completion today of an offering of $500 million aggregate principal amount of notes due 2016 priced at 6.875% (with a yield to maturity of 6.95%). "We were very pleased with the market reception of our bonds and increased the offering as a result of significant oversubscription Oversubscription The excess number of shares or bonds that investors want to buy but are not available due to high demand. ," said Karen Osar, executive vice president and chief financial officer. The company intends to use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to (i) redeem its outstanding $164.8 million aggregate principal amount of Senior Floating Rate Notes and (ii) reduce borrowings outstanding under its revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility. The offering was lead managed by Credit Suisse and Citigroup. Chemtura Corporation, with pro forma 2005 sales of $3.9 billion, is a global manufacturer and marketer of specialty chemicals, crop protection and pool, spa and home care products. Additional information concerning Chemtura is available at www.chemtura.com. |
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