Olin accepts all notes from oversubscribed offer at early deadline

Chicago, Nov. 16 – Olin Corp. announced that its capped tender offer for its $500 million outstanding 9½% senior notes due 2025 (Cusips: 680665AM8, U67959AA1) was oversubscribed by the early deadline, but the company is lifting the cap to accept all of the notes tendered, according to a press release.

As of 5 p.m. ET on Nov. 15, the early deadline, noteholders tendered $391,371,000 principal amount of notes, or 78.27% of the outstanding amount.

The company had offered to buy a maximum purchase amount of $350 million.

The company is lifting the maximum purchase amount to $489,702,963.75 to buy all of the notes tendered.

Settlement is planned for Wednesday.

Noteholders will receive $1,251.25 per $1,000 principal amount of notes tendered, which includes a $30 early tender premium.

Interest will also be paid to the early settlement date.

In connection with the offer, the company was 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 company obtained the required consents and has executed a supplement indenture for the proposed amendments.

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

However, the offer was fully subscribed and the company will not accept any more notes for purchase.

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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