Rhodia completes oversubscribed €500 million tender offer for floaters

By Jennifer Chiou

New York, May 7 - Rhodia SA announced that holders tendered a total of €705,941,000 of their senior floating-rate notes due 2013 in the offer for up to €500 million of the notes.

The offer ended at 9 a.m. ET on May 6.

Because the offer was oversubscribed, the proration factor was set at 71.4%.

Rhodia will pay par for accepted notes in addition to accrued interest.

Settlement is slated for Monday, and the company had earmarked the proceeds from a €500 million issue of new senior notes for the offer.

Acquired notes will be canceled.

Rhodia is a Paris-based specialty chemicals company. Questions may be directed to Maria Alcon Hidalgo (33 01 53 56 64 89) or Benjamin Bruneau (33 01 53 56 64 42).

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