Ashland announces early tender results of partial cash tender offers

Ashland announces early tender results of partial cash tender offers for the 4.750% Senior Notes due 2022 of Ashland LLC, the 6.600% Debentures due 2027 of Hercules LLC, the 6.875% Senior Notes due 2043 of Ashland LLC and the 6.500% Junior Subordinated Debentures due 2029 of Hercules LLC and the increase in the aggregate amount of the 4.750% Senior Notes due 2022 of Ashland LLC offered for purchase

WILMINGTON, Delaware, Jan. 22, 2020 (GLOBE NEWSWIRE) -- Ashland Global Holdings Inc. (NYSE: ASH) (“Ashland”) today announced the early tender results of the previously announced cash tender offers (the “Tender Offers”) for (i) Ashland LLC’s outstanding 4.750% Senior Notes due 2022 (the “2022 Notes”) having an aggregate purchase price of up to $575 million (the “2022 Notes Maximum Purchase Price) and (ii) Hercules LLC’s outstanding 6.600% Debentures due 2027 (the “2027 Debentures”), Ashland LLC’s outstanding 6.875% Senior Notes due 2043 (the “2043 Notes”) and Hercules LLC’s outstanding 6.500% Junior Subordinated Debentures due 2029 (the “2029 Debentures,” together with the 2027 Debentures and the 2043 Notes, the “Waterfall Notes”) having an aggregate purchase price of up to $250 million (the “Waterfall Notes Maximum Purchase Price”). The 2022 Notes and the Waterfall Notes are together, the “Existing Notes.” Ashland also announced that it is increasing the 2022 Notes Maximum Purchase Price from $575,000,000 to $712,152,749 and decreasing the Waterfall Notes Maximum Purchase Price from $250,000,000 to $112,846,320. The Tender Offers are being made by the respective Ashland subsidiaries that issued the relevant series of Existing Notes. The terms and conditions of the Tender Offers are described in the Offer to Purchase and related Letter of Transmittal dated January 7, 2020, as amended by this press release.

As of 5:00 p.m., New York City time, on January 21, 2020 (the “Early Tender Date”), $756,537,000 aggregate principal amount of the outstanding 2022 Notes (representing approximately 69.88% of the outstanding 2022 Notes) had been tendered, $25,000 aggregate principal amount of the outstanding 2027 Debentures (representing approximately 0.65% of the outstanding 2027 Debentures) had been tendered, $92,153,000 aggregate principal amount of the outstanding 2043 Notes (representing approximately 24.68% of the outstanding 2043 Notes) had been tendered, and $2,925,000 aggregate principal amount of the outstanding 2029 Debentures Notes (representing approximately 2.93% of the outstanding 2029 Debentures) had been tendered.