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Feb. 13, 2013 /PRNewswire-FirstCall/ -- PolyOne Corporation (NYSE: POL) today announced the pricing of its previously announced private offering of
$600 million in aggregate principal amount of senior notes due 2023 (the "Notes"). The Notes will have a coupon of 5.25% and an approximate effective rate of 5.75% per annum including amortization of fees and are being issued at 100% of their face value. The closing of the Notes offering is expected to occur on
February 28, 2013, subject to customary closing conditions.
PolyOne currently intends to use the net proceeds from the Notes offering to partially fund the acquisition of Spartech Corporation, to repay all amounts outstanding under its senior secured term loan, and to make a
$50 million voluntary pension contribution.
Spartech shareholders will be asked to approve the proposed acquisition by PolyOne at a special meeting to be held on
March 12, 2013.
The Notes offering will be made in a private transaction in reliance upon an exemption from the registration requirements of the Securities Act of 1933 (the "Securities Act"). Within
the United States, the Notes will be offered only to investors who are "qualified institutional buyers," as that term is defined in Rule 144A under the Securities Act. Outside of
the United States, the Notes will be offered only 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 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.