Albemarle (ALB) to Offer $1.3B in Common Stock

Albemarle Corporation (NYSE: ALB) announced that it has commenced an underwritten public offering of $1,300,000,000 of shares of its common stock. In connection with this offering, Albemarle expects to grant the underwriters a 30-day option to purchase up to $195,000,000 of additional shares at the public offering price, less the underwriting discounts and commissions. The offering is subject to market and other conditions, and there can be no assurances as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Albemarle intends to use the net proceeds of the offering primarily to fund growth capital expenditures, such as the construction and expansion of lithium operations in Australia, Chile and Silver Peak, Nevada, and opportunities in China. Albemarle also intends to use the net proceeds for debt repayment in the short term and other general corporate purposes.

J.P. Morgan is acting as lead book-running manager and representative of the underwriters of the offering. BofA Securities is also acting as a joint-book running manager. HSBC, Mizuho Securities, MUFG and SMBC Nikko are also acting as additional joint-book running managers.

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