Kemet postpones $275 million note offering due to market conditions

By Paul A. Harris

St. Louis, Feb. 11 - Kemet Corp. postponed its $275 million offering of eight-year senior notes due to unfavorable market conditions, according to a company news release issued on Thursday.

As a result of the postponement, the company also announced that it has terminated its tender offer to purchase for cash up to $56.081 million of its outstanding 2¼% convertible senior notes due 2026.

Bank of America Merrill Lynch was the bookrunner.

Proceeds were to have been used to repay substantially all outstanding debt under existing credit facilities and to fund a tender for a portion of the 2¼% convertibles due 2026.

Kemet is a Greenville, S.C.-based manufacturer of capacitors.

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