MOSCOW (MRC) -- PolyOne Corporation has announced the commencement of a cash tender offer to purchase any and all of its outstanding 7.375% senior notes due 2020, said the producer on its site.
There is currently approximately USD317 million aggregate principal amount of Notes outstanding. In conjunction with the tender offer, PolyOne will be soliciting consents to amend the indenture governing the notes.
In connection with the tender offer and consent solicitation, the Company also intends to enter into a senior secured term loan facility of approximately USD550.0 million. Proceeds will be used to fund settlement of this tender offer and repay all amounts outstanding under PolyOne's revolving credit facility as well as its outstanding 7.5% debentures due 2015.
"This refinancing is expected to provide favorable interest rates, extended maturities, and enhanced liquidity while maintaining modest leverage," said Bradley C. Richardson, executive vice president and Chief Financial Officer, PolyOne Corporation. "These actions are representative of our ongoing efforts to optimize our capital structure and facilitate deployment of capital on strategic investments."
As MRC reported before, in February 2014, PolyOne Corporation announced the addition of new capabilities to its OnColor HC Plus portfolio. These expanded offerings add medical-grade LDPE, nylon, PEBA, PS and PVC to the globally available palette of specialty healthcare colorants, and are pre-certified to meet or exceed biocompatibility requirements for ISO 10993 and/or USP Class VI protocols.
PolyOne Corporation, with 2014 revenues of USD3.8 billion, is a global provider of specialized polymer materials, services, and solutions with operations in specialty polymer formulations, color and additive systems, polymer distribution and specialty vinyl resins.
MRC