CLEVELAND, Jan. 28, 2020
/PRNewswire/ -- PolyOne Corporation (NYSE: POL) today
announced that it is offering to sell, subject to market and other
conditions, $450,000,000 of common
shares through an underwritten public offering. PolyOne also
intends to grant the underwriters an option, exercisable for 30
days after the date of the final prospectus supplement, to purchase
up to an additional $67,500,000 of
common shares.
PolyOne intends to use the net proceeds from the offering to
finance, in part, its pending acquisitions of Clariant AG's global
masterbatch business and Clariant Chemicals (India) Limited's masterbatch business
(collectively, the "acquisitions"). The net proceeds will also
fund, in part, the payment of expenses related to the acquisitions.
In the case that either of the acquisitions is not consummated for
any reason, and the other acquisition is consummated, PolyOne
intends to use the net proceeds from the offering to finance, in
part, the acquisition that is consummated, and any remaining
proceeds for general corporate purposes. In the case that neither
acquisition is consummated, PolyOne intends to use the net proceeds
from the offering for general corporate purposes, including
potential bolt-on acquisitions.
Morgan Stanley, Citigroup and Wells Fargo Securities are acting
as joint book-running managers and Morgan Stanley and Citigroup are
acting as representatives of the underwriters for the offering. A
registration statement relating to these securities has been filed
with the Securities and Exchange Commission ("SEC") and is
effective. The offering will be made only by means of the
prospectus in that registration statement and the related
prospectus supplement. You may access these documents for free by
visiting the SEC's website at www.sec.gov. Alternatively,
PolyOne, any underwriter or any dealer participating in the
offering will arrange to send you the prospectus and the related
prospectus supplement if you request it by contacting PolyOne at
(440) 930-1000 or by contacting Morgan Stanley & Co. LLC,
Attention: Prospectus Department, 180 Varick Street, 2nd Floor,
New York, New York 10014,
Citigroup Global Markets Inc., c/o Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood,
NY 11717, or by calling (800) 831-9146 or Wells Fargo
Securities, LLC, Attention: Equity Syndicate Department, 500 West
33rd Street, New York, New York,
10001, or by calling (800) 326-5897 or email a request to
cmclientsupport@wellsfargo.com.
This news release does not constitute an offer to sell or the
solicitation of an offer to buy PolyOne's common shares nor shall
there be any sale of such common shares in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About PolyOne
PolyOne Corporation (NYSE: POL), with 2019 revenues of
$2.9 billion, is a premier provider
of specialized polymer materials, services and solutions. The
company adds value to global customers and improves sustainability
through formulating materials, such as:
- Barrier technologies that preserve the shelf-life and quality
of food, beverages, medicine and other perishable goods through
high-performance materials that require less plastic
- Light-weighting solutions that replace heavier traditional
materials like metal, glass and wood, which can improve fuel
efficiency in all modes of transportation
- Breakthrough technologies that minimize wastewater and improve
the recyclability of materials and packaging across a spectrum of
end uses
PolyOne employs approximately 5,600 associates and is certified
ACC Responsible Care® and a founding member of the Alliance to End
Plastic Waste.
Forward-looking Statements
In this press release, statements that are not reported
financial results or other historical information are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements give current expectations or forecasts of future events
and are not guarantees of future performance. They are based on
management's expectations that involve a number of business risks
and uncertainties, any of which could cause actual results to
differ materially from those expressed in or implied by the
forward-looking statements. They use words such as "will,"
"anticipate," "estimate," "expect," "project," "intend," "plan,"
"believe," and other words and terms of similar meaning in
connection with any discussion of future operating or financial
condition, performance and/or sales. Factors that could cause
actual results to differ materially from those implied by these
forward-looking statements include, but are not limited to: the
finalization of the Company's financial statements for the year
ended December 31, 2019; the time
required to consummate the acquisitions; the satisfaction or waiver
of conditions in the purchase agreements; any material adverse
changes in Clariant's masterbatch business; the ability to obtain
required regulatory or other third-party approvals and consents and
otherwise consummate the acquisitions; our ability to achieve the
strategic and other objectives relating to the acquisitions,
including any expected synergies; our ability to successfully
integrate Clariant's masterbatch business and achieve the expected
results of the acquisitions, including, without limitation, the
acquisitions being accretive; disruptions, uncertainty or
volatility in the credit markets that could adversely impact the
availability of credit already arranged and the availability and
cost of credit in the future; the effect on foreign operations of
currency fluctuations, tariffs and other political, economic and
regulatory risks; changes in polymer consumption growth rates and
laws and regulations regarding plastics in jurisdictions where we
conduct business; changes in global industry capacity or in the
rate at which anticipated changes in industry capacity come online;
fluctuations in raw material prices, quality and supply, and in
energy prices and supply; production outages or material costs
associated with scheduled or unscheduled maintenance programs;
unanticipated developments that could occur with respect to
contingencies such as litigation and environmental matters; an
inability to raise or sustain prices for products or services; an
inability to achieve or delays in achieving or achievement of less
than the anticipated financial benefit from initiatives related to
acquisition and integration, working capital reductions, costs
reductions and employee productivity goals; information systems
failures and cyberattacks; and other factors affecting our business
beyond our control, including, without limitation, changes in the
general economy, changes in interest rates and changes in the rate
of inflation. The above list of factors is not exhaustive.
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SOURCE PolyOne Corporation