Crompton tenders for 6 1/8%, 8½% notes

New York, July 19 - Crompton Corp. said it has begun a cash tender offer and consent solicitation for all its $150 million outstanding principal amount 6 1/8% notes due 2006 and $350 million outstanding principal amount 8½% notes due 2005.

Crompton will pay $1,038.35 per $1,000 principal amount for the 6 1/8% notes and $1,025.88 per $1,000 principal amount for the 8½% notes.

The consent solicitation is to amend the note indentures to eliminate certain restrictive covenants and events of default.

Holders who tender their notes and deliver consents by the consent deadline of midnight ET on July 30 will receive a consent payment of $10 per $1,000 principal amount.

The company will also pay accrued interest up to but excluding the payment date.

The tender ends at 5 p.m. ET on Aug. 16.

Crompton, a Middlebury, Conn., maker of specialty chemicals and polymer products and equipment, said the tender is subject to holders tendering at least 83.4% of each series of notes, completion of an offering of at least $600 million of debt securities and closing on a new $200 million revolving credit facility.

Deutsche Bank Securities Inc. (Call Alexandra Barth collect at 212 250-5655) is dealer manager and solicitation agent. MacKenzie Partners Inc. is the information agent (call collect 212 925-5500 or 800 322-2885).

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