PolyOne (POL) Announces $450M Public Offering of Common Shares

PolyOne Corporation (NYSE: POL) today announced that it is offering to sell, subject to market and other conditions, $450,000,000 of common shares through an underwritten public offering. PolyOne also intends to grant the underwriters an option, exercisable for 30 days after the date of the final prospectus supplement, to purchase up to an additional $67,500,000 of common shares.

PolyOne intends to use the net proceeds from the offering to finance, in part, its pending acquisitions of Clariant AG's global masterbatch business and Clariant Chemicals (India) Limited's masterbatch business (collectively, the "acquisitions"). The net proceeds will also fund, in part, the payment of expenses related to the acquisitions. In the case that either of the acquisitions is not consummated for any reason, and the other acquisition is consummated, PolyOne intends to use the net proceeds from the offering to finance, in part, the acquisition that is consummated, and any remaining proceeds for general corporate purposes. In the case that neither acquisition is consummated, PolyOne intends to use the net proceeds from the offering for general corporate purposes, including potential bolt-on acquisitions.

Morgan Stanley, Citigroup and Wells Fargo Securities are acting as joint book-running managers and Morgan Stanley and Citigroup are acting as representatives of the underwriters for the offering. A registration statement relating to these securities has been filed with the Securities and Exchange Commission ("SEC") and is effective.

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