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Rhodia starts tender for 6% euro medium-term notes
New York, March 9 - Rhodia SA said it has begun its previously announced tender offer to buy back all €300 million of its 6% medium-term notes due March 26, 2006.
Funding will come from the company's recent sale of €500 million of senior notes.
The tender is not open to investors in the United States.
As announced on Feb. 2, the Paris-based specialty chemicals company is offering all principal and interest due on the 6% notes, discounted at a rate of 50 basis points over the gross redemption yield of the 2.25% BTAN due March 12, 2006. Rhodia will also pay accrued interest up to but excluding the date of repurchase.
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