Olin(OLN) priced the notes due 2016 that are to be issued in exchange for $125 million of its outstanding 9.125% senior notes due 2011.
The Clayton, Mo.-based company said the exchange price for each $1,000 principal amount of 2011 notes tendered, using an exchange offer yield of 5.979%, will be $1,142.82, consisting of $1,000 principal amount of new notes and $150.24 in cash. The holders, who tendered their 2011 notes on July 11, will receive for each $1,000 principal amount of the 2011 notes tendered, the applicable total exchange price less the early participation payment of $20 as specified in the offering memorandum dated June 26 and the related letter of transmittal. The issue price of the new notes, holding 6.750% interest and yield of 6.856%, will be $992.58. The company also said that the holders who exchange their 2011 notes, will also receive accrued interest on the notes to the settlement date, or $10.90 per $1,000 principal amount of the notes exchanged. Olin's stock was down 48 cents, or 2.7%, at $17.45 Wednesday. >To order reprints of this article, click here: ReprintsTheStreet Premium Services For Personal Service: 877-471-2967
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
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