Rhodia to use issue proceeds to redeem €306 million floaters due 2013

By Devika Patel

Knoxville, Tenn., Sept. 27 - Rhodia SA said it will use the proceeds from a $400 million offering of 6 7/8% senior notes due 2020 to redeem €306 million of its senior floating-rate notes due 2013.

The redemption date is Oct. 27.

There was €535 million of the floaters outstanding as of June 30.

The company said on Sept. 21 that it would use the entire net proceeds from the issue of 10-year notes to fund the redemption of a portion of the floaters.

The Paris-based specialty chemicals company noted that the transaction was part of its plan to extend the average maturity of its financial resources.

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