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Axiall Corporation, formerly known as Georgia Gulf Corporation (NYSE: AXLL) (“Axiall”), today announced the closing of its previously announced private offering of $450 million in aggregate principal amount of unsecured senior notes due 2023 (the "Notes"). The Notes have an interest rate of 4.875% per annum and were issued at a price of 100% of their face value.
Axiall intends to use the net proceeds from the offering of the Notes, together with cash on hand, to fund the repurchase of its 9 percent senior secured notes due 2017 (the "9 Percent Notes") that were validly tendered and not validly withdrawn at or prior to the consent payment deadline in its previously announced tender offer and related consent solicitation for the 9 Percent Notes.
The offering of the Notes was made in a private transaction in reliance upon an exemption from the registration requirements of the Securities Act of 1933, only in the United States to investors who are “qualified institutional buyers,” as that term is defined in Rule 144A under the Securities Act, or outside the United States to investors who are persons other than “U.S. persons,” as that term is defined in Rule 902 under the Securities Act, in offshore transactions in reliance upon Regulation S under the Securities Act.
The Notes have not been registered under the Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. This release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.