Chemtura (CHMT) Higher, Will Exercise $125M Accordion Feature for 'Bolt-On' Opportunities
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Chemtura Corporation, (NYSE: CHMT) iis ticking higher Friday amid reports from the company that it is seeking to raise additional funding for general and investment purposes. Shares are up over 5 percent on the session.
From the release earlier:
"[Chemtura Corp.] will commence a process to exercise the accordion feature under the Company's existing senior secured credit agreement to raise an aggregate principal amount of up to $125 million, for the purpose of funding potential “bolt-on” investment opportunities and for general corporate purposes. BofA Merrill Lynch, Citi and Wells Fargo Securities, LLC are joint lead arrangers and joint bookrunners for the transaction.
As previously discussed, Craig A. Rogerson, Chairman, President and CEO of Chemtura, commented that “we continue to work on opportunities to monetize portfolio assets as well as “bolt-on” investment opportunities in our areas of strategic focus. As a result, we may execute on one or more of these transactions in the second half of 2012 although there are many factors that may influence whether or not we are successful. We believe that this is an appropriate time to raise the liquidity to permit bolt-on transaction(s). The increase in the facility will likely fund before the closing of any potential transaction.”"
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From the release earlier:
"[Chemtura Corp.] will commence a process to exercise the accordion feature under the Company's existing senior secured credit agreement to raise an aggregate principal amount of up to $125 million, for the purpose of funding potential “bolt-on” investment opportunities and for general corporate purposes. BofA Merrill Lynch, Citi and Wells Fargo Securities, LLC are joint lead arrangers and joint bookrunners for the transaction.
As previously discussed, Craig A. Rogerson, Chairman, President and CEO of Chemtura, commented that “we continue to work on opportunities to monetize portfolio assets as well as “bolt-on” investment opportunities in our areas of strategic focus. As a result, we may execute on one or more of these transactions in the second half of 2012 although there are many factors that may influence whether or not we are successful. We believe that this is an appropriate time to raise the liquidity to permit bolt-on transaction(s). The increase in the facility will likely fund before the closing of any potential transaction.”"
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