Albemarle launches cash tender offers for $725M, €1B notes

Lithium producer Albemarle Corp. on March 1 launched cash tender offers for up to $100 million of its $725 million outstanding principal amount of senior notes and up to €100 million of its €1 billion outstanding principal amount of notes.

By acceptance priority, the dollar notes consist of $300 million of 3.450% senior notes due 2029 and $425 million of 4.150% senior notes due 2024. The euro notes comprise €500 million of 1.125% notes due 2025 and €500 million of 1.625% notes due 2028.

Total consideration per $1,000 or €1,000 principal amount of the notes validly tendered will be based on an applicable fixed spread and will include an early participation amount of $50 per $1,000 principal amount of the dollar notes and €50 per €1,000 principal amount of the euro notes.

The early participation date is set for 5 p.m. ET on March 12, and the tender offers will expire 11:59 p.m. ET on March 26.

Albemarle also agreed to redeem all of its outstanding €392.9 million of 1.875% senior notes due 2021 on March 30 and all of its outstanding $200 million of floating rate notes due 2022 on March 16.

Albemarle recently agreed to sell its Fine Chemistry Services business to W. R. Grace & Co. for about $570 million. In the fourth quarter of 2020, the company's attributable net income dropped 6.4% year over year to $84.6 million.