IHS Chemical Week
FINANCIAL

Albemarle closes on Rockwood acquisition financing

11:18 AM MST | November 24, 2014 | Vincent Valk

Albemarle says it has closed on $1.025 billion in new, unsecured, bonds, the proceeds of which will mostly go wards financing the acquisition of Rockwood. The bonds consist of a $250 million tranche due in 2019 with a 3% interest rate; a 4.15%, $425-million...


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Dow Chemical, Third Point reach agreement on board seats

Dow Chemical and hedge fund Third Point (New York) have reached an agreement on the composition of Dow’s board, averting a potential proxy fight for at least one year....

Halliburton and Baker Hughes to merge in $38-billion deal

Halliburton says it is acquiring all outstanding shares of rival Baker Hughes, for $78.62/share, or $38 billion, including debt, in a deal that will create an oilfield services giant with $51.8 billion/year in revenues. The combined company will also have...

Third Point prepares for proxy fight at Dow Chemical

Activist hedge fund Third Point, which has been openly critical of Dow Chemical management since January, intends to wage a proxy battle for board seats at Dow's 2015 annual meeting, according to SEC filings....

Axalta to commence IPO

Coatings maker Axalta, owned by private equity firm The Carlyle Group (New York), has commenced an IPO that could raise up to about $1 billion – far higher than previously indicated in regulatory filings. Carlyle sold 45 million shares in Axalta for...

Platform prices stock offer

Platform Specialty Products has priced its 2.145-million share public stock offer, which was announced on Monday, at $24.50/share. The company expects to generate about $350 million in proceeds from the offer, which will go towards funding the $3.5 billion...

ADA-ES retains banker to advise on cash flow options

Advanced Emissions Solutions (ADA-ES; Highlands Ranch, CO) is retaining investment bank Moelis & Company (New York) to advise on options for the use of future cash flows stemming from its refined coal business. Options could include alternative corporate...

Platform Specialty earnings beat estimates

Platform Specialty Products today reported third-quarter net income down 11.9% year-on-year (YOY), to $11.9 million, on sales up 4.4% YOY, to $196.8 million. Adjusted net income rose 14.3% YOY, to $27.9 million, or 19 cts/share, beating...

Chemtura launches "Dutch auction" share buyback

Chemtura is launching a “Dutch auction” share buyback offer, with authorization to purchase up to $300 million in shares of common stock at $21.50-$24.50/share. The buyback expires on 1 December, at which point Chemtura will accept tender offers...

Verde Potash approved for R$57.5-million credit facility

Verde Potash (Toronto) has been approved for a 57.5 million Reais ($22.9 million) credit line, to be sourced by Brazil's development bank BNDES (Rio de Janeiro), at a government-subsidized interest rate. The financing was awarded under the PAISS Agricola...

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