Olin tenders for $350 million 9½% notes due 2025, starts consent bid

By Wendy Van Sickle

Columbus, Ohio, Nov. 1 – Olin Corp. has begun a tender offer up to $350 million of its outstanding $500 million of 9½% senior notes due 2025 (Cusips: 680665AM8, U67959AA1), according to a news release.

The company is offering a total consideration of $1,251.25 per $1,000 principal amount of notes tendered, which includes a $30 early tender premium for tenders submitted by 5 p.m. ET on Nov. 15.

The offer will expire at 11:59 p.m. ET on Nov. 30.

In connection with the offer, the company is also holding a consent solicitation asking holders to approve some amendments to the note indenture that would eliminate substantially all of the restrictive covenants and some events of default.

The tender offer is not conditioned on a minimum amount of tenders or the receipt of required consents; however, there are some other conditions.

Tenders may be withdrawn and consents revoked by 5 p.m. ET on Nov. 15.

If the tender offer is oversubscribed, tenders may be accepted on a pro rata basis.

BofA Securities, Inc., MUFG Securities Americas Inc., SMBC Nikko Securities America, Inc. and Truist Securities, Inc. are acting as dealer managers and solicitation agents. BofA (980 388-3646 or 888 292-0070) is the lead.

D.F. King & Co., Inc. (800 669-5550 or olin@dfking.com) is the information and tender agent.

Olin is a Clayton, Mo.-based global manufacturer and distributor of chemical products and a U.S. manufacturer of ammunition.

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