NewMarket solicits consents to amend 7 1/8% senior notes due 2016

By Marisa Wong

Madison, Wis., Jan. 4 - NewMarket Corp. announced that it began soliciting consents from holders of its $150 million outstanding 7 1/8% senior notes due 2016 to approve a proposed amendment to the indenture for the notes.

The amendment would modify the formula for calculating NewMarket's capacity to make certain restricted payments and would provide NewMarket with additional flexibility to make restricted payments, including repurchases of its outstanding shares of common stock.

Adoption of the proposed amendment requires the consent of holders of a majority in principal amount of the outstanding notes.

The consent solicitation will expire at 5 p.m. ET on Jan. 18.

NewMarket will pay a consent fee of $15 per $1,000 principal amount of notes. The consent fee will be payable only to holders as of 5 p.m. ET on Dec. 31, the record time, who deliver consents prior to the expiration date.

Consents may be revoked at any time before the earlier of the date that the supplemental indenture for the proposed amendment becomes effective and the expiration date.

J.P. Morgan Securities LLC (800 245-8812 or 212 270-1200) is the solicitation agent. Global Bondholder Services Corp. (212 430-3774 (banks and brokers) or 866 470-3800) is the information and tabulation agent.

NewMarket is a Richmond, Va.-based developer, manufacturer and provider of chemical additives that enhance the performance of petroleum products.

© 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.