FRANKFURT, Germany--(BUSINESS WIRE)--
Styrolution changes targeted redemption date for the conditional redemption of all of its outstanding senior secured notes due 2016
Frankfurt am Main – August 4, 2014 – Styrolution Group GmbH (“Styrolution”) today announced that the Refinancing Condition (described below) in respect of the conditional notice (the “Notice of Redemption”) it issued on July 4, 2014 stating its intention to redeem (subject to the satisfaction or waiver of the Refinancing Condition) all of its outstanding 7.625% Senior Secured Notes due 2016 (the “Notes”) will not be satisfied or waived on or prior to August 4, 2014. As a result, the conditional redemption will not take place on August 5, 2014; however, Styrolution currently expects to redeem the Notes on or before September 2, 2014 (subject to the satisfaction or waiver of the Refinancing Condition). Under the Notice of Redemption, Styrolution’s obligation to complete the redemption is conditioned upon the completion of one or more financing transactions for the purpose of redeeming the Notes (among other things) by any of (i) Styrolution or (ii) INEOS Styrolution Holding GmbH and/or one or more of its subsidiaries or affiliates and the on-lending of a portion of the proceeds therefrom to Styrolution pursuant to one or more intercompany loans, in each case, that are reasonably satisfactory to Styrolution in its discretion and result in aggregate net proceeds to Styrolution in a sufficient quantity to pay the redemption price for the Notes, including applicable premium, in full and pay all related expenses on or prior to the redemption date (the “Refinancing Condition”). If the redemption occurs, the Notes will be redeemed in full. Styrolution and INEOS Styrolution Holding GmbH continue to evaluate the debt markets and intend to complete the financing transaction and subsequent redemption but there can be no assurance that any of the financing transaction or redemption will be completed. If and when the Refinancing Condition is satisfied, Styrolution will announce the satisfaction of the Refinancing Condition via press release.
Styrolution is the leading, global styrenics supplier with a focus on styrene monomer, polystyrene, Standard ABS and styrenic specialties. With world-class production facilities and more than 80 years of experience, Styrolution helps its customers succeed by offering the best possible solution, designed to give them a competitive edge in their markets. The company provides styrenic applications for many everyday products across a broad range of industries, including automotive, electronics, household, construction, healthcare, toys/sports/leisure, and packaging. In 2013, sales were at 5.8 billion euros, resulting in an EBITDA before special items of 442 million euros. Styrolution employs approximately 3,200 people and operates 17 production sites in ten countries.
For further information please visit www.styrolution.com.
If you have any questions, please do not hesitate to contact us.
Vice President Corporate Communications, Investor Relations,
Advocacy and Change Management
Styrolution Group GmbH
60325 Frankfurt, Germany
Phone: +49 069 509550-1024
This communication is directed only at (i) persons who are outside the United Kingdom, (ii) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended (the “Order”), (iii) are persons falling within Article 49(2)(a) to (d) “high net worth companies, unincorporated associations, etc.” of the Order, and (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any notes may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “relevant persons”). Any investment activity to which this communication relates will only be available to, and will only be engaged in with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.
Forward Looking Statements
This press release may include “forward looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. These forward looking statements can be identified by the use of forward looking terminology, including the terms ‘‘believes,’’ ‘‘estimates,’’ ‘‘anticipates,’’ ‘‘expects,’’ ‘‘intends,’’ ‘‘may,’’ ‘‘will’’ or ‘‘should’’ or, in each case, their negative, or other variations or comparable terminology. These forward looking statements include all matters that are not historical facts and include statements regarding Styrolution’s intentions, beliefs or current expectations concerning, among other things, Styrolution’s results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which it operates. By their nature, forward looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Readers are cautioned that forward looking statements are not guarantees of future performance and that Styrolution’s actual results of operations, financial condition and liquidity, and the development of the industry in which it operates may differ materially from those made in or suggested by the forward looking statements contained in this press release. In addition, even if Styrolution’s results of operations, financial condition and liquidity, and the development of the industry in which Styrolution operates are consistent with the forward looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods. Given these risks and uncertainties, you should not rely on forward looking statements as a prediction of actual results.