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Albemarle closes buyback; to accept only US$325M of 2021 notes

Albemarle Corp. on Jan. 19 said its bondholders submitted €533.3 million in principal amount of 1.875% senior notes due 2021 under its cash tender offer by the early tender date of Jan. 18.

Based on the results, the company will not accept for repurchase the 4.150% senior notes due 2024 as the €533.3 million will exceed the maximum repurchase amount of about US$325.2 million. The tender offer has been closed.

The company was looking to repurchase a maximum of US$500 million of its 2021 and 2024 notes when it launched the offer in early January.

The company will pay an extra €30 per €1,000 principal amount of 1.875% senior notes due 2021, along with accrued and unpaid interest.

The tender offers will be funded from the net proceeds of the company's recently completed US$3.2 billion sale of its Chemetall metals surface treatment business.

Earlier in January, Albemarle bondholders surrendered about US$192.2 million of its 3.000% notes due 2019 and US$175.2 million of its 4.500% notes due 2020 under its any-and-all cash tender offer.

The company also said it will redeem all of its outstanding 3% senior notes due 2019 by Feb. 10.