Chemours offers to purchase $907.91 million 6 5/8% notes due 2023

By Taylor Fox

New York, Nov. 12 – Chemours Co. commenced a tender offer to purchase for cash any and all of its $907.91 million outstanding 6 5/8% senior notes due May 15, 2023 (Cusip: 163851AB4, ) and is soliciting consents to proposed amendments to the indenture, according to a news release.

The amendments provide for the shortening of the minimum notice periods under the indenture for the optional redemption of the notes by Chemours.

Holders of notes that are validly tendered and not withdrawn prior to the 5 p.m. ET on Nov. 25 early tender deadline will be eligible to receive the total consideration of $1,017.94 per $1,000 of notes, including the early tender payment of $30.00 per $1,000 of notes, plus interest.

Holders who tender notes after the early tender deadline and on or prior to the expiration date will receive the tender offer consideration of $987.94, plus interest.

The consummation of the tender offer and consent solicitation are subject to, and conditioned upon, the satisfaction or waiver of certain conditions, including, among other things, Chemours consummating the new debt financing, together with cash on hand, that will allow it to purchase the notes.

For the amendments to be adopted, consents must be received from holders representing at least a majority of the amount of the notes outstanding.

Assuming receipt of the requisite consents, Chemours expects to execute and deliver a supplemental indenture effective upon execution but will provide that the proposed amendments will not become operative until Chemours accepts for purchase the notes satisfying the requisite consents in the tender offer.

Chemours will redeem any notes that remain outstanding at a price equal to 101.656, plus interest.

The offer and consent solicitation will expire at midnight ET on Dec. 10.

J.P. Morgan Securities LLC (866 834-2045) is the dealer manager and solicitation agent.

Global Bondholders Services Corp. (866 470-4200, 212 430-3774; contact@gbsc-usa.com) is the depositary and information agent.

Chemours is a Wilmington, Del.-based provider of performance chemicals.

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