Crompton Announces Execution of Supplemental Indentures
01 Juni 2005 - 2:01PM
Business Wire
Crompton Corporation (NYSE:CK) announced today that it has received
the requisite consents to execute a supplemental indenture amending
the indenture governing its 9 7/8% Senior Notes due 2012 (CUSIP
Number: 227116AE0) (the "9 7/8% Notes") and a supplemental
indenture amending the indenture governing its Senior Floating Rate
Notes due 2010 (CUSIP Number: 227116AF7) (the "Floating Rate Notes"
and together with the 9 7/8% Notes, the "Notes"). The consents were
obtained pursuant to Crompton's consent solicitation, which
commenced May 16, 2005 (the "Consent Solicitation"). The
supplemental indentures have been executed by Crompton and the
trustee for the Notes, but the amendments therein will not become
operative until such time as the Company notifies Global Bondholder
Services Corporation, the information agent, tabulation agent and
paying agent for the Consent Solicitation, on or prior to September
1, 2005, that each of the conditions set forth in the Company's
Consent Solicitation Statement dated May 16, 2005 (the "Consent
Solicitation Statement"), including the closing of the definitive
merger agreement for an all-stock merger transaction between
Crompton and Great Lakes Chemical Corporation, is satisfied or
waived. The Consent Solicitation expired at 5:00 p.m., New York
City time, on May 31, 2005. The terms and conditions of the Consent
Solicitation are set forth in the Consent Solicitation Statement.
Further questions regarding the solicitation may be directed to the
Solicitation Agents, Morgan Stanley & Co. Incorporated at (800)
624-1808 (toll free) or (212) 761-1864 (collect), and Credit Suisse
First Boston LLC at (800) 820-1653 (toll free) or (212) 538-0652
(collect). This announcement is not a solicitation of consents with
respect to any Notes. The solicitation was made solely by the
Consent Solicitation Statement. Crompton Corporation, with 2004
sales of $2.5 billion, is a producer and marketer of specialty
chemicals and polymer products. Additional information concerning
Crompton Corporation is available at www.cromptoncorp.com.
Forward-Looking Statement Certain statements made in this release
are forward-looking statements that involve risks and
uncertainties, including, but not limited to, statements about the
benefits of the business combination of Crompton and Great Lakes,
including future financial and operating results, the combined
companies' plans, objectives, expectations and intentions, general
economic conditions, the outcome and timing of antitrust
investigations and related civil lawsuits to which Crompton is
subject, the ability to obtain selling price increases, pension and
other post-retirement benefit plan assumptions, energy and raw
material prices and availability, production capacity, changes in
interest rates and foreign currency exchange rates, changes in
technology, market demand and customer requirements, the enactment
of more stringent environmental laws and regulations, the ability
to realize expected cost savings under Crompton's cost reduction
initiatives, the amount of any additional earn-out payments from
GE, the ability to reduce Crompton's debt levels, and other risks
and uncertainties detailed in Crompton's filings with the
Securities and Exchange Commission. These statements are based on
Crompton's estimates and assumptions and on currently available
information. The forward-looking statements include information
concerning our possible or assumed future results of operations,
and Crompton's actual results may differ significantly from the
results discussed. Forward-looking information is intended to
reflect opinions as of the date this release was issued and such
information will not necessarily be updated by Crompton.
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