Arch Chemicals Issues $75 Million of 6.70% Seven Year Senior Notes Under a $150 Million Private Shelf Agreement
01 Settembre 2009 - 11:48PM
Business Wire
Arch Chemicals, Inc. (NYSE: ARJ) announced that it has issued
$75 million principal amount of unsecured Series A Senior Notes
(the Notes) to certain affiliates of Prudential Investment
Management, Inc. (Prudential). The Notes will mature in August 2016
and bear a fixed annual interest rate of 6.70%. Proceeds from the
issuance of the Notes will be used primarily to pay down a portion
of the Company’s revolving credit facility. The Notes were issued
under a $150 million Note Purchase and Private Shelf Agreement that
also provides for the purchase by Prudential's affiliates, in their
sole discretion, of up to an additional $75 million principal
amount of notes over the next three years on terms to be
determined.
“We’re extremely pleased to have completed this new financing
agreement,” said Arch Chemicals’ Vice President and CFO Steven C.
Giuliano. “The Notes balance our capital structure with longer term
financing and provide additional liquidity well in advance of the
maturity of our primary bank credit facilities in 2011. This
private placement of seven year Notes, which follows the completion
earlier in the year of an unsecured $100 million term loan
facility, further strengthens our balance sheet while providing us
with added financial flexibility to support the long-term,
profitable growth prospects in our core Biocides businesses,” Mr.
Giuliano added.
About Arch
Headquartered in Norwalk, Connecticut (USA), Arch Chemicals,
Inc. is a global Biocides company with annual sales of
approximately $1.5 billion. Arch and its subsidiaries provide
innovative, chemistry-based and related solutions to selectively
destroy and control the growth of harmful microbes. The Company’s
concentration is in water treatment, hair and skin care products,
treated wood, preservation and protection applications such as for
paints and building products, and health and hygiene applications.
Arch Chemicals operates in two segments: Treatment Products and
Performance Products. Together with its subsidiaries, Arch has
approximately 3,000 employees and manufacturing and
customer-support facilities in North and South America, Europe,
Asia, Australia and Africa. For more information, visit the
Company’s Web site at http://www.archchemicals.com.
Except for historical information contained herein, the
information set forth in this communication contains
forward-looking statements that are based on management's beliefs,
certain assumptions made by management and management's current
expectations, outlook, estimates and projections about the markets
and economy in which the Company and its various businesses
operate. Words such as "anticipates," "believes," "estimates,"
"expects," "forecasts," "intends," "opines," "plans," "predicts,"
"projects," "should," "targets" and variations of such words and
similar expressions are intended to identify such forward-looking
statements. These statements are not guarantees of future
performance and involve certain risks, uncertainties and
assumptions ("Future Factors"), which are difficult to predict.
Therefore, actual outcomes and results may differ materially from
what is expected or forecasted in such forward-looking statements.
The Company undertakes no obligation to update publicly any
forward-looking statements, whether as a result of future events,
new information or otherwise. Future Factors which could cause
actual results to differ materially from those discussed include
but are not limited to: general economic and business and market
conditions; continued weakening in U.S., European and Asian
economies; increases in interest rates; changes in foreign
currencies against the U.S. dollar; customer acceptance of new
products; efficacy of new technology; changes in U.S. or foreign
laws and regulations; increased competitive and/or customer
pressure; loss of key customers; the Company's ability to maintain
chemical price increases; higher-than-expected raw material and
energy costs and availability for certain chemical product lines; a
change in the antidumping duties on certain products; increased
foreign competition in the calcium hypochlorite markets; inability
to obtain transportation for our chemicals; unfavorable court
decisions, including unfavorable decisions in appeals of
antidumping rulings, arbitration or jury decisions or tax matters;
the supply/demand balance for the Company's products, including the
impact of excess industry capacity; failure to achieve targeted
cost-reduction programs; capital expenditures in excess of those
scheduled; environmental costs in excess of those projected; the
occurrence of unexpected manufacturing interruptions/outages at
customer or Company plants; a decision by the Company not to start
up the hydrates manufacturing facility; unfavorable weather
conditions for swimming pool use; inability to expand sales in the
professional pool dealer market; the impact of global weather
changes; changes in the Company’s stock price; ability to obtain
financing at attractive rates; financial market disruptions that
impact our customers or suppliers; and gains or losses on
derivative instruments.
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