Ashland Inc. Extends Debt Tender Offers for Certain Notes and Completes Debt Tenders Offers for Other Notes
Press Release
Ashland Inc. Extends Debt Tender Offers for Certain Notes and Completes Debt Tenders Offers for Other Notes
(Logo: http://www.newscom.com/cgi-bin/prnh/20040113/ASHLANDLOGO )
Extended Notes tendered may not be withdrawn, and consents given may not be revoked, unless the applicable tender offer is terminated without any Extended Notes being purchased. As previously announced, Ashland received from its noteholders the requisite consents to the proposed amendments to the Indenture relating to its Extended Notes described in the Offer to Purchase, and such amendments have become effective as of June 29, 2005 and are operative with respect to the Extended Notes, subject to the condition that the Extended Notes validly tendered pursuant to the applicable tender offer are subsequently accepted for purchase by Ashland. If a holder of Extended Notes tendered or tenders its Extended Notes pursuant to the applicable tender offer after the applicable consent payment deadline and the applicable tender offer is consummated, they will not receive the consent fee, which is $20 per $1,000 of the principal amount of Extended Notes validly tendered and accepted, even though such proposed amendments have become effective.
Ashland will pay for Extended Notes it accepts for purchase promptly following the Expiration Date of the applicable tender offer (each such date, the "Settlement Date"), which Ashland currently expects to be on June 30, 2005, for all Extended Notes that it accepts for purchase. In addition, Ashland will pay accrued and unpaid interest on tendered and accepted Extended Notes up to, but not including, the Settlement Date.
Ashland also announced today that it has waived the remaining conditions to, and completed, its previously announced tender offers and consent solicitations in respect of each of the following of its notes: 9.35% Series B Medium-Term Notes (CUSIP No.:04454CAJ5) (the "Series B Notes") and 9.20% Series D Medium-Term Notes (CUSIP No.:04454CBF2) (the "Series D Notes") (together, the "Accepted Notes" and, together with the Extended Notes, the "Notes"). Ashland has accepted for payment all Accepted Notes that were validly tendered prior to 5 p.m., New York time, on June 29, 2005, in accordance with the terms and subject to the conditions of the applicable tender offers described in the Offer to Purchase. The percentages of Series B Notes and Series D Notes accepted for purchase are set forth in the table below. Ashland currently expects settlement in respect of such Accepted Notes to occur on June 30, 2005, and will pay accrued and unpaid interest on all Accepted Notes up to, but not including, such date.
This news release is neither an offer to purchase nor a solicitation of an offer to sell the Notes. The tender offers and consent solicitations are being made only by the Offer to Purchase.
Credit Suisse First Boston LLC is the exclusive Dealer Manager and Solicitation Agent for the tender offers and consent solicitations. Requests for documents may be directed to Georgeson Shareholder Communications Inc., the Information Agent, by telephone at (888) 264-7028 (toll-free) or (212) 440-9800, or in writing at 17 State Street -- 10th Floor, New York, New York 10004, Attention: Patrick McHugh. Questions regarding the tender offers or the consent solicitations may be directed to Credit Suisse First Boston LLC at (800) 820-1653 (toll-free) or (212) 325-3784 (collect), or in writing at Eleven Madison Avenue, New York, New York 10010, Attention: Liability Management Group.
About Ashland Inc.
Ashland Inc. (NYSE: ASH) is a Fortune 500 chemical and transportation construction company providing products, services and customer solutions throughout the world. To learn more about Ashland Inc., 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. These statements include those that refer to Ashland's expectations about the MAP transaction. Although Ashland believes its expectations are based on reasonable assumptions, it cannot assure the expectations reflected herein will be achieved. The risks, uncertainties, and assumptions include the possibility that Ashland will be unable to fully realize the benefits anticipated from the MAP transaction; the possibility the transaction may not close and other risks that are described from time to time in the Securities and Exchange Commission (SEC) reports of Ashland, ATB Holdings Inc. and New EXM Inc. Other factors and risks affecting Ashland are contained in Ashland's Form 10-K, as amended, for the fiscal year ended Sept. 30, 2004, filed with the SEC and 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.
Additional Information about the MAP Transaction
The registration statement containing the proxy statement/prospectus relating to the transaction was declared effective by the SEC on May 20, 2005. The definitive proxy statement/prospectus relating to the transaction was filed with the SEC on May 25, 2005 and was mailed on May 27, 2005 to shareholders of record as of May 12, 2005. Investors and security holders are urged to read those documents and any other relevant documents filed or that will be filed with the SEC as they become available, because they contain, or will contain, important information. Security holders may obtain a free copy of the definitive proxy statement/prospectus and other documents filed with the SEC by Ashland, ATB Holdings and New EXM at the SEC's website at http://www.sec.gov. The definitive proxy statement/prospectus and other documents filed with the SEC by Ashland, ATB Holdings and New EXM may also be obtained for free in the SEC filings section on Ashland's Investor Relations website at http://www.ashland.com/investors, or by directing a request to Ashland at 50 E. RiverCenter Blvd., Covington, KY 41012. The respective directors and executive officers of Ashland and other persons may be deemed to be participants in solicitation of proxies in respect of the proposed transaction. Information regarding Ashland's directors and executive officers is available in its proxy statement filed with the SEC by Ashland on December 14, 2004. Investors may obtain information regarding the interests of participants in the solicitation of proxies in connection with the transaction referenced in the foregoing information by reading the definitive proxy statement/prospectus.
EXTENDED NOTES
Outstanding
Principal Amount
Title of Prior to Tender Percentage
Series Securities CUSIP Offers Tendered
6.625% 6.625% Senior 044204AC9 $150,000,000 96.36 %
Senior Notes due
Notes February 15,
2008
8.800% 8.800% 044540AH5 $250,000,000 91.95 %
Debentures Debentures due
November 15,
2012
Series E Total = $115,000,000 93.04 %
Notes
7.000% Medium- 04454CCX2 $5,000,000 100.00 %
Term Notes due
July 30, 2008
8.880% Medium- 04454CBU9 $15,000,000 100.00 %
Term Notes due
December 27,
2011
8.700% Medium- 04454CBV7 $3,000,000 100.00 %
Term Notes due
December 30,
2011
8.620% Medium- 04454CBW5 $3,000,000 100.00 %
Term Notes due
January 16,
2012
8.990% Medium- 04454CCH7 $5,000,000 100.00 %
Term Notes due
April 13, 2012
8.960% Medium- 04454CCJ3 $3,000,000 100.00 %
Term Notes due
April 25, 2012
8.250% Medium- 04454CCU8 $10,000,000 100.00 %
Term Notes due
February 12,
2013
9.080% Medium- 04454CCG9 $5,000,000 100.00 %
Term Notes due
March 31, 2013
7.720% Medium- 04454CCW4 $10,000,000 20.00 %
Term Notes due
July 15, 2013
7.730% Medium- 04454CCV6 $15,000,000 100.00 %
Term Notes due
July 15, 2013
7.650% Medium- 04454CCZ7 $15,000,000 100.00 %
Term Notes due
August 5, 2013
7.750% Medium- 04454CCY0 $10,000,000 100.00 %
Term Notes due
August 6, 2018
8.810% Medium- 04454CCM6 $10,000,000 100.00 %
Term Notes due
June 3, 2022
8.780% Medium- 04454CCN4 $3,000,000 100.00 %
Term Notes due
June 10, 2022
7.150% Medium- 04454CDC7 $3,000,000 100.00 %
Term Notes due
September 20,
2023
Series F Total = $86,500,000 86.93 %
Notes
7.900% Medium- 04454CDG8 $10,000,000 83.96 %
Term Notes due
August 5, 2006
7.790% Medium- 04454CDH6 $15,000,000 92.00 %
Term Notes due
August 9, 2006
8.430% Medium- 04454CDJ2 $10,000,000 100.00 %
Term Notes due
October 18,
2006
8.230% Medium- 04420QAF3 $10,000,000 100.00 %
Term Notes due
February 26,
2007
7.860% Medium- 04420QAJ5 $10,000,000 100.00 %
Term Notes due
March 23, 2007
8.625% Medium- 04420QAC0 $10,000,000 100.00 %
Term Notes due
February 10,
2015
8.380% Medium- 04420QAK2 $16,500,000 48.48 %
Term Notes due
April 1, 2015
8.630% Medium- 04420QAE6 $5,000,000 100.00 %
Term Notes due
February 21,
2025
Series G Total = $154,000,000 88.61 %
Notes
7.100% Medium- 04420QAZ9 $5,000,000 0.00 %
Term Notes due
October 10,
2005
7.220% Medium- 04420QAT3 $10,000,000 100.00 %
Term Notes due
August 9, 2006
7.400% Medium- 04420QAV8 $12,000,000 78.83 %
Term Notes due
September 19,
2006
7.280% Medium- 04420QAW6 $15,000,000 100.00 %
Term Notes due
October 4, 2006
7.250% Medium- 04420QAX4 $15,000,000 100.00 %
Term Notes due
October 9, 2006
7.160% Medium- 04420QAY2 $20,000,000 75.00 %
Term Notes due
October 9, 2006
6.990% Medium- 04420QBB1 $10,000,000 100.00 %
Term Notes due
November 6,
2006
6.900% Medium- 04420QBC9 $12,000,000 100.00 %
Term Notes due
November 14,
2006
7.710% Medium- 04420QAN6 $20,000,000 75.00 %
Term Notes due
May 11, 2007
7.200% Medium- 04420QBA3 $10,000,000 100.00 %
Term Notes due
October 15,
2007
7.560% Medium- 04420QAS5 $10,000,000 100.00 %
Term Notes due
August 9, 2016
7.780% Medium- 04420QAU0 $15,000,000 100.00 %
Term Notes due
September 19,
2016
Series H 6.860% Medium- 04420QBD7 $150,000,000 88.60 %
Notes Term Notes due
May 1, 2009
Series J 7.830% Medium- 04420QBJ4 $228,630,000 80.99 %
Notes Term Notes due
August 15, 2005
ACCEPTED NOTES
Outstanding
Principal Amount
Title of Prior to Tender Percentage
Series Securities CUSIP Offers Accepted
Series B 9.350% Medium- 04454CAJ5 $10,000,000 50.00 %
Notes Term Notes due
January 24, 2019
Series D 9.200% Medium- 04454CBF2 $5,000,000 7.00 %
Notes Term Notes due
April 24, 2006
SOURCE Ashland Inc.
-0- 06/29/2005
/CONTACT: Media Relations, Ken Gordon, +1-859-815-4195, or mobile,
+1-614-886-4424, or kdgordon@ashland.com , or Investor Relations, Daragh
Porter, +1-859-815-3825, or dlporter@ashland.com , both of Ashland Inc./
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/Web site: http://www.ashland.com
http://www.ashland.com/investors /
(ASH)
CO: Ashland Inc.; Credit Suisse First Boston LLC
ST: Kentucky, Ohio, Georgia
IN: OIL CHM TRN
SU: OFR
AK-MH
-- CLW084 --
7201 06/29/2005 20:17 EDT http://www.prnewswire.com
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
Statements in this press release regarding Ashland's business which are not historical
facts are "forward-looking statements" that involve risks and uncertainties. For a
discussion of such risks and uncertainties, which could cause actual results to differ from
those contained in the forward-looking statements, see "Risk Factors" in the Company's
Annual Report or Form 10-K for the most recently ended fiscal year.