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Olin to redeem 10% Senior Notes issued in connection with the 2015 Dow chlorine products acquisition

April 16/2021

MOSCOW (MRC) -- Olin Corporation (Clayton, Missouri) announced that it has notified bondholders that it intends to redeem all USD185 million of its outstanding 10% senior notes due October 15, 2025 (the "Notes"), as per the company's press release.

The Notes are expected to be redeemed on May 14, 2021 at a redemption price in cash of 105% of the principal amount of the Notes (representing an aggregate premium of approximately USD9.3 million).

The Notes were issued in connection with the 2015 Dow Chlorine Products acquisition. Olin expects to fund the redemption using USD195 million of cash generated from operations.

As MRC reported before, earlier this year, Olin announced plans to shut a portion of its diaphragm-grade chlor-alkali capacity in the USA. Thus, the company had permanently shut down about 200,000 metric tons/year of diaphragm-grade chlor-alkali capacity at its McIntosh, Alabama, facility by 31 March. Olin will take a USD5 million of restructuring charge for the move, which the company expects to be cash flow accretive.

We remind that Russia's output of chemical products rose in February 2021 by 5.3% year on year. Thus, production of basic chemicals increased year on year by 7.5% in the first two months of 2021, according to Rosstat's data. February production of sodium hydroxide (caustic soda) was 98,400 tonnes (100% of the basic substance) versus 113,000 tonnes a month earlier. Overall output of caustic soda totalled 211,400 tonnes in the first two months of 2021, down by 4.6% year on year.


mrcplast.com
Author:Margaret Volkova
Tags:kausticheskaya soda, petrochemistry, Dow, Olin Corporation, Russia, USA.
Category:General News
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