Ashland calls Hercules' $250 million 6¾% notes after acquisition closes

By Susanna Moon

Chicago, Nov. 17 - Ashland Inc. said it delivered a notice of redemption to holders of Hercules Inc.'s $250 million of 6¾% senior subordinated notes due Oct. 15, 2029.

The redemption date is Dec. 5.

The company said it will pay par plus a premium of 5.00942% plus accrued interest to Dec. 15.

Ashland acquired Hercules, effective Nov. 13. As of the completion date, the notes are no longer considered to be outstanding under the indenture.

Under the merger agreement, the consideration for each Hercules common share outstanding is $18.60 in cash, without interest, and 0.0930 of a share of common stock of Ashland.

In July, Ashland agreed to acquire Hercules in a stock-and-cash deal valued at $23.01 per Hercules share, or about $3.3 billion including debt.

Ashland is a diversified chemical company based in Covington, Ky.

Hercules manufactures and markets specialty chemicals for making products for home, office and industrial markets. The company is based in Wilmington, Del.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.