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Axiall Corporation Announces Initial Purchase Of 9% Senior Secured Notes Due 2017 And Receipt Of Requisite Consents To Amend The Indenture In Cash Tender Offer And Consent Solicitation

Stocks in this article: AXLL

Axiall Corporation (NYSE: AXLL), formerly known as Georgia Gulf Corporation (the “ Company”), today announced that it has accepted for purchase approximately $444.6 million aggregate principal amount of its $450.0 million aggregate principal amount of 9% Senior Secured Notes due 2017 (CUSIP Nos. 373200AV6 and U37332AG5) (the “ Notes”) representing all Notes that were validly tendered and not validly withdrawn at or prior to 5:00 p.m., New York City time, on January 31, 2013 (the “ Consent Payment Deadline”), pursuant to the Company’s previously announced cash offer to purchase and consent solicitation (the “ Tender Offer”) for any and all of its outstanding Notes.

The Company used the net proceeds from its private offering of $450.0 million aggregate principal amount of 4.875% Senior Notes due 2023 (the “ Offering”), together with cash on hand, to fund the purchase of the Notes for the tender offer consideration of $1,094.23 per $1,000 principal amount of the purchased Notes, to make the related consent payments of $30.00 per $1,000 principal amount of the purchased Notes and to pay the accrued and unpaid interest on the purchased Notes. The Company expects to use cash on hand and available borrowings to fund the purchase price of any additional Notes that are validly tendered pursuant to, and to redeem any and all of the Notes that remain outstanding following the consummation of, the Tender Offer, as well as to pay any accrued and unpaid interest and the related tender or redemption expenses.

The Company also received sufficient consents to approve the proposed amendments to the indenture dated as of December 22, 2009 (as supplemented or amended, the “ Indenture”), governing the Notes. The Company, the guarantors party thereto and the trustee for the Notes have entered into a supplemental indenture implementing these amendments.

The completion of the Offering satisfied the financing condition to the Tender Offer, and the receipt of the requisite consents and execution of the supplemental indenture to effect the amendments to the Indenture satisfied the supplemental indenture condition to the Tender Offer. As previously announced, on January 28, 2013, the Company completed its merger with PPG Industries Inc.’s commodity chemicals business, the completion of which was also a condition to the Tender Offer.

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