SNF Floerger tenders for 8¼% notes, will call any notes not tendered

By Angela McDaniels

Tacoma, Wash., June 22 - SNF Floerger began a tender offer for its 8¼% senior notes due 2013 on June 18 and will redeem any notes that remain outstanding following the offer, according to a company news release.

The details of the tender offer were not disclosed.

The company will use the proceeds from some new notes and bank loans to fund the offer and redemption. Proceeds will also be used to refinance existing senior credit facilities.

Parent company SPCM SA priced €190 million principal amount of 8¼% senior notes due 2017, and SNF Floerger entered into an agreement for $440 million of new senior credit facilities, including a $140 million term loan facility, a $100 million capex facility and $200 million of revolving credit facilities.

SNF Floerger is a specialty chemicals company based in St. Etienne, France.

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