PolyOne (POL) Prices 13.333M Share Common Offering at $33.75/Sh

PolyOne Corporation (NYSE: POL) today announced the pricing of an underwritten offering of 13,333,333 common shares at a public offering price of $33.75 per share. PolyOne has also granted the underwriters an option, exercisable for 30 days after the date of the final prospectus supplement, to purchase up to an additional 2,000,000 common shares at the public offering price less an underwriting discount. PolyOne expects to receive net proceeds of approximately $432.0 million (or approximately $496.8 million if the underwriters exercise, in full, their option to purchase additional shares), after deducting the underwriting discount, but before deducting estimated offering expenses. The offering is expected to close on February 4, 2020, subject to customary closing conditions.

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.

This news release does not constitute an offer to sell or the solicitation of an offer to buy PolyOne's common shares nor shall there be any sale of such common shares in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

You May Also Be Interested In

• Morgan Stanley Private Credit Fund Caps Redemptions At 5%
• Silvercorp GC Mine mineral resources rise 59% in updated report
• Oracle expands equity distribution agreement with 15 additional sales agents