Ingevity Corporation Announces Pricing of $300 Million of 8-Year Senior Unsecured Notes
January 09, 2018 at 05:59 pm
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Ingevity Corporation announced the pricing of its previously announced offering of 8-year senior unsecured notes in an aggregate principal amount of $300 million. The notes will mature on February 1, 2026 and will bear an interest rate of 4.50%. The offering is expected to close on January 24, 2018 subject to customary closing conditions. If the offering is consummated, the company intends to use the proceeds of the offering to finance its planned purchase of substantially all the assets primarily used in the pine chemicals business of Georgia-Pacific Chemicals LLC and Georgia-Pacific LLC and for general corporate purposes. This offering is not conditioned on the closing of the acquisition. In the event the acquisition is delayed or is not completed, the company intends to use the proceeds from the offering for working capital needs, capital expenditures, other acquisitions and other general corporate purposes. There can be no assurance that either the issuance and sale of the notes or the acquisition will be consummated. The notes will be offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A and to certain non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. The notes have not been registered under the Securities Act or any state securities law and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.
Ingevity Corporation is engaged in developing, marketing, and bringing to market solutions that are renewably sourced. The Company operates through three segments: Performance Materials, Performance Chemicals, and Advanced Polymer Technologies. Performance Materials segment engineers, manufactures, and sells hardwood-based, chemically activated carbon products, which are produced through a technical and specialized process primarily for use in gasoline vapor emission control systems in cars, trucks, motorcycles, and boats. Performance Chemicals segment is comprised of two product lines: road technologies and industrial specialties. Its products are utilized in pavement construction, preservation, reconstruction and recycling, agrochemical dispersants, paper chemicals and other diverse industrial uses. Advanced Polymer Technologies segment produces caprolactone and caprolactone-based specialty polymers for use in coatings, resins, elastomers, adhesives, bioplastics, and medical devices.