Avient Announces Pricing of $650 Million 6.250% Senior Notes due 2031
Avient (NYSE: AVNT) has priced its offering of $650 million in senior notes due 2031. The notes will bear an annual interest rate of 6.250% and will be issued at 100.000% of their principal amount. The offering is expected to close on September 19, 2024, subject to customary conditions. Avient plans to use the net proceeds, along with cash on hand, to redeem all outstanding 5.75% senior notes due 2025 and pay related fees and expenses.
The notes will be offered only to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S of the Securities Act. They will not be registered under the Securities Act and cannot be offered or sold in the U.S. without registration or an applicable exemption.
Avient (NYSE: AVNT) ha prezzato la sua offerta di 650 milioni di dollari in obbligazioni senior con scadenza nel 2031. Le obbligazioni avranno un tasso d'interesse annuale del 6,250% e saranno emesse al 100,000% del loro valore nominale. Si prevede che l'offerta si chiuderà il 19 settembre 2024, soggetta a condizioni consuete. Avient ha in programma di utilizzare i proventi netti, insieme alla liquidità disponibile, per riscattare tutte le obbligazioni senior al 5,75% in scadenza nel 2025 e coprire le relative spese.
Le obbligazioni saranno offerte solo a compratori istituzionali qualificati ai sensi della Regola 144A e a persone non statunitensi secondo la Regolamentazione S del Securities Act. Non saranno registrate ai sensi del Securities Act e non possono essere offerte o vendute negli Stati Uniti senza registrazione o un'esenzione applicabile.
Avient (NYSE: AVNT) ha fijado su oferta de 650 millones de dólares en bonos senior con vencimiento en 2031. Los bonos tendrán una tasa de interés anual del 6.250% y se emitirán al 100.000% de su monto nominal. Se espera que la oferta se cierre el 19 de septiembre de 2024, sujeto a condiciones habituales. Avient planea utilizar los ingresos netos, junto con efectivo disponible, para redimir todos los bonos senior al 5.75% que vencen en 2025 y pagar los gastos relacionados.
Los bonos se ofrecerán únicamente a compradores institucionales calificados bajo la Regla 144A y a personas no estadounidenses bajo la Regulación S del Securities Act. No estarán registrados bajo el Securities Act y no pueden hacerse ofertas ni venderse en los EE. UU. sin registro o una exención aplicable.
Avient (NYSE: AVNT)는 2031년 만기 senior notes 6억 5천만 달러의 공모가를 정했습니다. 이 노트는 연 이자율 6.250%를 제공하며 원금의 100.000%로 발행됩니다. 이 공모는 2024년 9월 19일에 마감될 것으로 예상되며, 일반적인 조건에 따릅니다. Avient는 순수익과 보유 현금을 사용하여 2025년 만기 5.75% senior notes를 모두 상환하고 관련 수수료와 비용을 지불할 계획입니다.
이 노트는 Rule 144A에 따라 자격을 갖춘 기관 구매자와 Securities Act의 Regulation S에 따라 비미국인에게만 제공됩니다. 이들 노트는 Securities Act에 따라 등록되지 않으며, 등록이나 해당 면제 없이는 미국에서 제공되거나 판매될 수 없습니다.
Avient (NYSE: AVNT) a fixé le prix de son offre de 650 millions de dollars en obligations senior arrivant à échéance en 2031. Les obligations afficheront un taux d'intérêt annuel de 6,250% et seront émises à 100,000% de leur valeur nominale. L'offre devrait se clôturer le 19 septembre 2024, sous réserve des conditions habituelles. Avient prévoit d'utiliser le produit net, ainsi que la liquidité disponible, pour racheter toutes les obligations senior à 5,75% arrivant à échéance en 2025 et payer les frais et dépenses associés.
Les obligations ne seront offertes qu'aux acheteurs institutionnels qualifiés selon la règle 144A et aux personnes non américaines selon la réglementation S du Securities Act. Elles ne seront pas enregistrées au titre du Securities Act et ne peuvent être offertes ou vendues aux États-Unis sans enregistrement ou exemption applicable.
Avient (NYSE: AVNT) hat sein Angebot über 650 Millionen Dollar an Senior Notes mit Fälligkeit 2031 festgelegt. Die Notes werden einen jährlichen Zinssatz von 6,250% tragen und zu 100,000% ihres Nennbetrags ausgegeben. Es wird erwartet, dass das Angebot am 19. September 2024 abgeschlossen wird, vorbehaltlich üblicher Bedingungen. Avient plant, den Nettoerlös zusammen mit verfügbaren Mitteln zu verwenden, um alle ausstehenden Senior Notes mit 5,75% Fälligkeit 2025 zurückzukaufen und damit verbundene Gebühren und Kosten zu decken.
Die Notes werden nur an qualifizierte institutionelle Käufer gemäß Regel 144A und an Nicht-US-Personen gemäß der Regulierung S des Securities Act angeboten. Sie werden nicht unter dem Securities Act registriert und können in den USA ohne Registrierung oder anwendbare Ausnahme nicht angeboten oder verkauft werden.
- Successful pricing of $650 million senior notes offering
- Refinancing of existing debt with new notes due 2031
- Potential improvement in debt structure and maturity profile
- Increase in interest rate from 5.75% to 6.250% on refinanced debt
- Continued reliance on debt financing
Insights
Avient's pricing of
The 100% issue price indicates investor confidence in Avient's creditworthiness. However, the
This refinancing could provide Avient with improved long-term financial stability, potentially supporting future growth initiatives or weathering economic uncertainties. Keep an eye on how the company utilizes this extended runway in its strategic planning.
The offering's structure under Rule 144A and Regulation S exemptions is a common approach for expediting the capital raising process. This method allows Avient to avoid the time-consuming SEC registration, targeting sophisticated investors who can assess the risks independently.
The explicit disclaimer about not constituting an offer to sell or solicitation to buy is a crucial legal protection. It shields Avient from potential securities law violations in jurisdictions where the offering isn't registered.
Investors should note that these notes are less liquid than publicly registered securities. The lack of public registration might affect their tradability in secondary markets, potentially impacting their value. This structure underscores the importance of due diligence for qualified institutional buyers considering this investment.
Avient intends to use the net proceeds from the offering, together with cash on hand, to redeem all of its outstanding
The notes will be offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act and outside
This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of these securities 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. This news release does not constitute a notice of redemption pursuant to the terms of the 2025 senior notes.
About Avient
Avient Corporation (NYSE: AVNT) provides specialized and sustainable materials solutions that transform customer challenges into opportunities, bringing new products to life for a better world.
Forward-Looking Statements
Certain statements contained in this news release constitute "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. You can identify these statements by the fact that they do not relate strictly to historic or current facts. 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: 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; disruptions or inefficiencies in our supply chain, logistics, or operations; changes in laws and regulations in jurisdictions where we conduct business, including with respect to plastics and climate change; fluctuations in raw material prices, quality and supply, and in energy prices and supply; demand for our products and services; 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; our ability to pay regular quarterly cash dividends and the amounts and timing of any future dividends; information systems failures and cyberattacks; amounts for cash and non-cash charges related to restructuring plans that may differ from original estimates, including because of timing changes associated with the underlying actions; our ability to achieve strategic objectives and successfully integrate acquisitions, including the implementation of a cloud-based enterprise resource planning system, S/4HANA; other factors affecting our business beyond our control, including without limitation, changes in the general economy, changes in interest rates, changes in the rate of inflation, geopolitical conflicts, and any recessionary conditions; and other factors described in our Annual Report on Form 10-K for the year ended December 31, 2023 under Item 1A, "Risk Factors."
We cannot guarantee that any forward-looking statement will be realized, although we believe we have been prudent in our plans and assumptions. Achievement of future results is subject to risks, uncertainties and assumptions. Should known or unknown risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated or projected. Investors should bear this in mind as they consider forward-looking statements. We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law. You are advised, however, to consult any further disclosures we make on related subjects in our reports on Forms 10-Q, 8-K, and 10-K filed with the Securities and Exchange Commission. You should understand that it is not possible to predict or identify all risk factors. Consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.
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SOURCE Avient Corporation
FAQ
What is the interest rate on Avient's newly priced senior notes due 2031?
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