NEU - NewMarket Announces the Redemption of Senior Notes Due 2022
NewMarket Corporation (NYSE: NEU) announced today that it will redeem the entire outstanding principal amount of its 4.10% Senior Notes due 2022 (the “2022 Notes”). The redemption date for the 2022 Notes is March 15, 2022 (the “Redemption Date”). The aggregate principal amount of the 2022 Notes outstanding is $350 million. The redemption price for the 2022 Notes will consist of 100% of the principal amount of the Notes outstanding plus (i) the applicable premium as set forth in the Indenture dated December 20, 2012, and (ii) accrued and unpaid interest on the 2022 Notes, in each case as of, but not including, the Redemption Date.
As previously announced in March 2021, NewMarket completed the public offer and sale of $400 million in aggregate principal amount of its 2.70% Senior Notes due 2031 (the “2031 Notes”). NewMarket plans to use the cash on hand derived from the issuance of the 2031 Notes to fund the redemption of the 2022 Notes.
A notice of redemption is being sent to all currently registered holders of the 2022 Notes by the Trustee, U.S. Bank National Association.
NewMarket Corporation, through its subsidiaries Afton Chemical Corporation and Ethyl Corporation, develops, manufactures, blends, and delivers chemical additives that enhance the performance of petroleum products. From custom-formulated additive packages to market-general additives, the NewMarket family of companies provides the world with the technology to make engines run smoother, machines last longer, and fuels burn cleaner.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements regarding the early redemption. While NewMarket believes that its assumptions concerning these future events are reasonable, a number of factors could cause actual results to differ materially from expectations, including factors detailed from time to time in the reports that NewMarket files with the Securities and Exchange Commission, including the risk factors in Item 1A. “Risk Factors” of our 2020 Annual Report on Form 10-K, which is available to shareholders upon request. Forward-looking statements speak only as of the date they are made, and the NewMarket undertakes no obligation to update any of them publicly in light of new information or future events.
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FOR INVESTOR INFORMATION CONTACT:
Brian D. Paliotti
Investor Relations
Phone: 804.788.5555
Fax: 804.788.5688
Email: investorrelations@newmarket.com