Item 8.01 Other Events.
On June 14, 2023, Diamond (BC) B.V. (the “Issuer”),
a private limited liability company incorporated under the laws of the Netherlands and an indirect wholly owned subsidiary of the registrant,
Diversey Holdings, Ltd. (the “Company”), issued a notice of conditional full redemption (the “Conditional
Redemption Notice”) to the holders of the Issuer’s outstanding 4.625% Senior Notes due 2029 (the “Notes”)
pursuant to the indenture dated as of September 29, 2021 (as supplemented and amended from time to time, the “Indenture”),
by and among the Issuer, the guarantors party thereto and Wilmington Trust, National Association, as trustee. Pursuant to the Conditional
Redemption Notice, the Issuer has elected, subject to the satisfaction of the Condition (as defined below), to redeem (the “Redemption”),
all of the outstanding principal amount of the Notes on July 5, 2023 (the “Redemption Date”) at a redemption price
equal to 100.000% of the principal amount of the Notes, together with the relevant Applicable Premium (as defined in the Indenture) as
of, plus accrued and unpaid interest and Additional Amounts (as defined in the Indenture), if any, to, but excluding, the Redemption Date.
In the Issuer’s discretion, the Redemption Date may be delayed until such time as the Condition shall have been satisfied. In the
Issuer’s discretion, if the Condition is not satisfied (or waived by the Issuer in its sole discretion) on or prior to the Redemption
Date (or by the Redemption Date as so delayed), the Issuer may: (i) extend the Redemption Date until the date the Condition is satisfied
(or waived by the Issuer in its sole discretion); or (ii) rescind the Conditional Redemption Notice, which shall be of no effect.
The Redemption is conditioned upon satisfaction (or waiver by the Issuer
in its sole discretion) of each of the following conditions precedent: (i) the closing of the transactions (the “Transactions”)
contemplated by the Agreement and Plan of Merger (the “Merger Agreement”), by and among Olympus Water Holdings IV,
L.P., a Cayman Islands exempted limited partnership (“Parent”), acting by its general partner, Olympus Water Holdings
Limited, a Cayman Islands exempted company incorporated with limited liability, Diamond Merger Limited, a Cayman Islands exempted company
and wholly owned subsidiary of Parent, and the Issuer, on terms and conditions satisfactory in all respects to the Issuer in its sole
and absolute discretion on or prior to the Redemption Date and (ii) the receipt by the Issuer on or prior to the Redemption Date of net
proceeds from one or more financing transactions in an aggregate amount at least equal to the amounts required to redeem or discharge
the Notes except to the extent such amounts have been previously provided, or are being concurrently provided, to the Issuer by Parent
or its subsidiaries for such purpose contemplated by Section 6.16 of the Merger Agreement (collectively, the “Condition”).
The consummation of the Transactions is subject to a number of conditions. As a result, there can be no assurance that the Redemption
will occur on July 5, 2023.
This Current
Report on Form 8-K does not constitute a notice of redemption under the Indenture, nor an offer to purchase notes or any other security.
Forward-Looking Statements
This Report contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, and speaks only as of the date hereof. The “forward-looking statements”
include all statements that do not relate solely to historical or current facts, such as statements regarding the Redemption, the Transactions
and the Company’s expectations, intentions or strategies regarding the future. Such statements are inherently subject to known
and unknown risks and uncertainties, many of which cannot be predicted with accuracy and are beyond the Company’s control. Future
events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking
statements. The reader is directed to the Company's various filings with the U.S. Securities and Exchange Commission, including the Company's
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q for a discussion of such risks and uncertainties. These forward-looking
statements speak only as of the date hereof and we undertake no obligation, other than as required by law, to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
