Ashland Delivers Notice of Redemption of Hercules 6.75% Senior Subordinated Notes Due 2029
18 November 2008 - 12:30AM
PR Newswire (US)
COVINGTON, Ky., Nov. 17 /PRNewswire-FirstCall/ -- Ashland Inc.
(NYSE:ASH) has delivered a notice of redemption of all 6.75% Senior
Subordinated Notes Due 2029, CUSIP 427056BA3 (the "Notes"), issued
by Hercules Incorporated (NYSE:HPC). Pursuant to an Agreement and
Plan of Merger, dated as of July 10, 2008, among Ashland, Ashland
Sub One, Inc. and Hercules, Ashland acquired Hercules, effective
Nov. 13, 2008. There is $250 million in aggregate principal amount
of outstanding Notes, which mature by their terms on Oct. 15, 2029.
(Logo: http://www.newscom.com/cgi-bin/prnh/20040113/ASHLANDLOGO )
The redemption date for the Notes is Dec. 5, 2008. The Notes will
be redeemed at a redemption price of 100% of the principal amount
plus the applicable premium of 5.00942% as required by the
indenture governing the Notes, plus accrued interest to Dec. 15,
2008. On Nov. 13, 2008, Ashland, on behalf of Hercules, deposited
with the trustee as trust funds an amount sufficient to pay and
discharge the entire indebtedness on all outstanding Notes, as well
as the applicable premium and interest to the redemption date. As
of Nov. 13, 2008, the Notes were no longer considered to be
outstanding under the indenture. The details concerning the terms
and conditions of redemption are fully described in a Notice of
Redemption mailed on Nov. 13, 2008 to record holders of Notes. This
press release is not a notice of redemption. The redemption is made
solely pursuant to the Notice of Redemption. About Ashland Ashland
Inc. (NYSE:ASH) provides specialty chemical products, services and
solutions for many of the world's most essential needs and
industries. Serving customers in more than 100 countries, it
operates through five commercial units: Ashland Hercules Water
Technologies, Ashland Performance Materials, Ashland Aqualon
Functional Ingredients, Ashland Consumer Markets (Valvoline) and
Ashland Distribution. To learn more about Ashland, visit
http://www.ashland.com/ . Forward-Looking Statements This news
release contains forward-looking statements, within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. The statements include those made
with respect to Ashland's operating performance and Ashland's
acquisition of Hercules Incorporated. These expectations are based
upon a number of assumptions, including those mentioned within this
news release. Performance estimates are also based upon internal
forecasts and analyses of current and future market conditions and
trends, management plans and strategies, weather, operating
efficiencies and economic conditions, such as prices, supply and
demand, cost of raw materials, and legal proceedings and claims
(including environmental and asbestos matters). These risks and
uncertainties may cause actual operating results to differ
materially from those stated, projected or implied. Such risks and
uncertainties with respect to Ashland's acquisition of Hercules
include the possibility that the benefits anticipated from the
Hercules transaction will not be fully realized; the substantial
indebtedness Ashland has incurred to finance the acquisition may
impair Ashland's financial condition; the restrictive covenants
under the debt instruments may hinder the successful operation of
Ashland's business; future cash flow may be insufficient to repay
the debt; and other risks that are described in filings made by
Ashland with the Securities and Exchange Commission (the "SEC").
Although Ashland believes its expectations are based on reasonable
assumptions, it cannot assure the expectations reflected herein
will be achieved. This forward-looking information may prove to be
inaccurate and actual results may differ significantly from those
anticipated if one or more of the underlying assumptions or
expectations proves to be inaccurate or is unrealized or if other
unexpected conditions or events occur. Other factors, uncertainties
and risks affecting Ashland are contained in Ashland's periodic
filings made with the SEC, including its Form 10-K for the fiscal
year ended September 30, 2007, and Forms 10-Q for the quarters
ended December 31, 2007, and March 31 and June 30, 2008, which are
available on Ashland's Investor Relations website at
http://www.ashland.com/investors or the SEC's website at
http://www.sec.gov/ . Ashland undertakes no obligation to
subsequently update or revise the forward-looking statements made
in this news release to reflect events or circumstances after the
date of this news release.
http://www.newscom.com/cgi-bin/prnh/20040113/ASHLANDLOGO
http://photoarchive.ap.org/ DATASOURCE: Ashland Inc. CONTACT: Media
Relations: Jim Vitak, +1-614-790-3715, , or Investor Relations:
Eric Boni, +1-859-815-4454, , both of Ashland Inc. Web site:
http://www.ashland.com/ http://www.ashland.com/investors Company
News On-Call: http://www.prnewswire.com/comp/065263.html
Copyright
Hercules (NYSE:HPC)
Historical Stock Chart
From Jul 2024 to Aug 2024
Hercules (NYSE:HPC)
Historical Stock Chart
From Aug 2023 to Aug 2024