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Olin to redeem $600 million of outstanding 9¾% notes due 2023
By Taylor Fox
New York, Sept. 15 – Olin Corp. wholly owned subsidiary Blue Cube Spinco LLC plans to redeem $600 million of its outstanding 9¾% senior notes due Oct. 15, 2023, according to an 8-K filing with the Securities and Exchange Commission.
The notes will be redeemed on Oct. 15 at a redemption price in cash of 102.438 plus accrued interest.
The redemption is conditioned upon Blue Cube receiving net proceeds of at least $500 million from new debt. Olin said it expects to fund the redemption using its $500 million senior delayed-draw term loan and $114.6 million of cash generated from operations.
“The use of cash to redeem $100 million of the high-cost bonds reflects improved liquidity driven by actions to reduce working capital and capital spending in 2020 and our second half 2020 operating results,” said Scott Sutton, president and chief executive officer of Olin, in a news release.
“We expect that the redemption will reduce annual interest expense by approximately $40 million.”
U.S. Bank NA is trustee.
Olin is a Clayton, Mo.-based chemical products and small caliber ammunition supplier.
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