Kraton sets final tender tally at $157.59 million, closes refinancing

By Susanna Moon

Chicago, May 25 – Kraton Corp. said holders had tendered $157,591,000 of the $440 million of outstanding 10½% senior notes due 2023 in the offer that ended at 5 p.m. ET on May 18.

The final results include $100,000 of notes tendered under guaranteed delivery procedures, according to a company update on Friday.

As announced May 14, the company’s subsidiaries Kraton Polymers LLC and Kraton Polymers Capital Corp. were tendering for the notes at a price of $1,107.66 per $1,000 principal amount plus accrued interest up to but excluding the settlement date.

The issuers accepted for purchase all of the tendered notes concurrently with the closing of €290 million 5¼% senior notes due 2026 and Kraton LLC’s $90 million incremental dollar-denominated term loans.

The company completed the refinancing on May 24, which was a condition to settlement of the tender.

Any notes not purchased in the offer will be redeemed on June 13 using the make-whole call provision, the company noted.

J.P. Morgan Securities LLC (212 270-9375 or 866 834-4666) and Credit Suisse Securities (USA) LLC (212 538-2147 or 800 820-1653) are dealer managers. D.F. King & Co., Inc. (877 361-7966, 212 269-5550 or kra@dfking.com) is information agent and tender agent.

Kraton is a Houston-based producer of engineered polymers and styrenic block copolymers.

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