NOVA Chemicals completes 8 3/8% notes tender, redeems remaining notes

By Tali David

Minneapolis, Aug. 13 - NOVA Chemicals Corp. completed its tender offer for any and all of its $350 million 8 3/8% senior notes due 2016, according to a 6-K filing with the Securities and Exchange Commission.

A total of $278,698,000 principal amount of notes were tendered in the offer, which expired at 11:59 p.m. ET on Aug. 12.

This amount represents the $278,698,000 of notes that were tendered by the consent payment deadline, 5 p.m. ET on July 29, and were accepted and paid for by the company. No additional notes were tendered after the consent payment deadline but prior to the expiration date.

Holders received $1,061.60 for each $1,000 principal amount of notes tendered by the consent deadline plus accrued interest. The total consideration included a $30.00 consent payment.

Additionally, the company redeemed on Aug. 13 all notes that remained outstanding.

The company previously said that the redemption price would be 105.86 plus accrued interest.

Barclays was the dealer manager and solicitation agent for the tender offer. D.F. King & Co., Inc. was the tender agent and information agent.

NOVA Chemicals is a chemical company based in Calgary, Alta.

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