Chemtura Corporation, (NYSE / Euronext Paris: CHMT) (the “Company,” “Chemtura,” “We,” “Us” or “Our”) today announced that it will commence a process to exercise the accordion feature under the Company's existing senior secured credit agreement to raise an aggregate principal amount of up to $125 million, for the purpose of funding potential “bolt-on” investment opportunities and for general corporate purposes. BofA Merrill Lynch, Citi and Wells Fargo Securities, LLC are joint lead arrangers and joint bookrunners for the transaction.
As previously discussed, Craig A. Rogerson, Chairman, President and CEO of Chemtura, commented that “we continue to work on opportunities to monetize portfolio assets as well as ‘bolt-on’ investment opportunities in our areas of strategic focus. As a result, we may execute on one or more of these transactions in the second half of 2012 although there are many factors that may influence whether or not we are successful. We believe that this is an appropriate time to raise the liquidity to permit ‘bolt-on’ transaction(s). The increase in the facility will likely fund before the closing of any potential transaction.”
This news release is not a solicitation to purchase the increase in the Senior Secured Term Loan Facility.
About Chemtura CorporationChemtura Corporation, with 2011 sales of $3 billion, is a global manufacturer and marketer of specialty chemicals, agrochemicals and pool, spa and home care products. Additional information concerning us is available at www.chemtura.com. Forward-Looking Statements This document includes forward-looking statements within the meaning of Section 27(a) of the Securities Act of 1933, as amended and Section 21(e) of the Exchange Act of 1934, as amended. These forward-looking statements are identified by terms and phrases such as “potential,” “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will” and similar expressions and include references to assumptions and relate to our future prospects, developments and business strategies.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts