CHARLOTTE, N.C., May 11, 2022 /PRNewswire/ --
Albemarle Corporation (NYSE: ALB), a leader in the global specialty
chemicals industry, today announced the pricing of an underwritten
public offering of senior notes consisting of:
- $650,000,000 of 4.650% senior
notes due 2027,
- $600,000,000 of 5.050% senior
notes due 2032, and
- $450,000,000 of 5.650% senior
notes due 2052.
The notes will be Albemarle's
general senior unsecured obligations. The gross proceeds from the
offering are expected to be approximately $1.7 billion, before deducting the underwriting
discounts and commissions and estimated offering expenses payable
by Albemarle. The offering is
expected to close on or about May 13,
2022, subject to the satisfaction of customary closing
conditions.
Albemarle intends to use a
portion of the net proceeds from the offering to fund a redemption
of its outstanding 4.15% senior notes due 2024, including the
payment of the associated redemption premium. Albemarle intends to use the remaining net
proceeds of the offering for general corporate purposes, including
the repayment of outstanding commercial paper notes.
The joint book-running managers for the offering are BofA
Securities, Inc., J.P. Morgan Securities LLC, and Mizuho Securities
USA LLC. HSBC Securities
(USA) Inc., MUFG Securities
Americas Inc., SMBC Nikko Securities America, Inc., and US Bank,
N.A. are also acting as additional joint book-running
managers.
The senior notes described above are being offered by
Albemarle pursuant to a shelf
registration statement on Form S-3, including a base prospectus,
that was previously filed by Albemarle with the Securities and Exchange
Commission (SEC) and that became automatically effective on
November 6, 2019. The offering is
being made only by means of a prospectus supplement and the
accompanying base prospectus, which have been filed with the SEC
and are available on the SEC's website located at
http://www.sec.gov. Copies of the prospectus supplement and the
accompanying prospectus relating to the offering may also be
obtained from BofA Securities, Inc., by email at
dg.prospectus_requests@bofa.com, Attention: Prospectus Department,
or by telephone at 1-800-294-1322, J.P. Morgan Securities LLC, c/o
Broadridge Financial Solutions by telephone at 1-866-803-9204 and
Mizuho Securities USA, LLC by
telephone at 1-866-271-7403.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy the senior notes described above or
any other security, nor shall there be any offer or sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such state or
jurisdiction.
About Albemarle Corporation
Albemarle Corporation
(NYSE: ALB) is a global specialty chemicals company with leading
positions in lithium, bromine and catalysts. We think beyond
business as usual to power the potential of companies in many of
the world's largest and most critical industries, such as energy,
electronics, and transportation. We actively pursue a sustainable
approach to managing our diverse global footprint of world-class
resources. In conjunction with our highly experienced and talented
global teams, our deep-seated values, and our collaborative
customer relationships, we create value-added and performance-based
solutions that enable a safer and more sustainable future.
Forward-Looking Statements
Some of the information
presented in this press release, including, without limitation,
information regarding the terms of the public offering, the
intended use of proceeds from the offering and the satisfaction of
customary closing conditions with respect to the offering, and all
other information relating to matters that are not historical facts
may constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Actual results
could differ materially from the views expressed. Factors that
could cause Albemarle's actual
results to differ materially from the view expressed or implied in
any forward-looking statement include, without limitation: changes
in economic and business conditions; changes in financial and
operating performance of its major customers and industries and
markets served by it; the timing of orders received from customers;
the gain or loss of significant customers; market correction in
lithium market pricing; changes with respect to contract
renegotiations; potential production volume shortfalls; competition
from other manufacturers; changes in the demand for its products or
the end-user markets in which its products are sold; limitations or
prohibitions on the manufacture and sale of its products;
availability of raw materials; increases in the cost of raw
materials and energy, and its ability to pass through such
increases to its customers; technological change and development,
changes in its markets in general; fluctuations in foreign
currencies; changes in laws and government regulation impacting its
operations or its 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 effect of
climate change, including any regulatory changes to which it 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 its global manufacturing cost reduction initiatives as
well as its ongoing continuous improvement and rationalization
programs; changes in the jurisdictional mix of its earnings and
changes in tax laws and rates or interpretation; changes in
monetary policies, inflation or interest rates that may impact its
ability to raise capital or increase its cost of funds, impact the
performance of its pension fund investments and increase its
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 it 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; continuing uncertainties as to the duration and
impact of the coronavirus (COVID-19) pandemic; performance of
Albemarle's partners in joint
ventures and other projects; changes in credit ratings; and the
other factors detailed from time to time in the reports
Albemarle files with the SEC,
including those described under "Risk Factors" in Albemarle's most recent Annual Report on Form
10-K any subsequently filed Quarterly Reports on Form 10-Q. These
forward-looking statements speak only as of the date of this press
release. Albemarle assumes no
obligation to provide any revisions to any forward-looking
statements should circumstances change, except as otherwise
required by securities and other applicable laws.
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SOURCE Albemarle Corporation