Chemtura to redeem all 7¾% debentures due 2023

By Jennifer Chiou

New York, Aug. 5 - Chemtura Corp. has called for early redemption its $110 million of 7¾% debentures due 2023 at 103.021%.

The company will also pay accrued interest to Sept. 6, the redemption date.

Chemtura will finance the redemption with available cash and borrowings under its revolving credit facility.

"This action is in line with our plan to reduce debt beginning with the highest cost debt that we are contractually able to redeem," executive vice president and chief financial officer Karen R. Osar said in a news release.

The Middlebury, Conn., manufacturer of specialty chemicals was formed on July 1 by the merger of Crompton Corp. and Great Lakes Chemical Corp.

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