NewMarket Corporation (NYSE:NEU) announced today that it has priced its previously announced private offering of $350 million aggregate principal amount of 4.10% senior notes due 2022, at an issue price of 99.83%. NewMarket expects the private offering to close on or about December 20, 2012, subject to the satisfaction of customary closing conditions.
The notes will be senior unsecured obligations of NewMarket, will pay interest semi-annually and will be fully and unconditionally guaranteed on a senior unsecured basis by all of NewMarket’s existing and future domestic subsidiaries that guarantee its obligations under the credit agreement for its $650 million five-year senior unsecured revolving credit facility or any of its other indebtedness.
As previously announced, NewMarket intends to use the net proceeds from the offering to repay a portion of its borrowings under its revolving credit facility.
The notes are being offered and sold in the United States only to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended, and outside the United States in reliance on Regulation S under the Securities Act.
The notes have not been registered under the Securities Act, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the notes.
NewMarket Corporation through its subsidiaries, Afton Chemical Corporation and Ethyl Corporation, develops, manufactures, blends, and delivers chemical additives that enhance the performance of petroleum products. From custom-formulated chemical blends to market-general additive components, the NewMarket family of companies provides technology to make fuels burn cleaner, engines run smoother and machines last longer.
Safe Harbor Statement
Some of the information contained in this press release constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although NewMarket’s management believes its expectations are based on reasonable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results will not differ materially from expectations.