CHARLOTTE, N.C., Feb. 3, 2021 /PRNewswire/ -- Albemarle
Corporation (NYSE: ALB), a leader in the global specialty chemicals
industry, today announced the pricing of a previously announced
underwritten public offering of 8,496,733 shares of its common
stock at a price to the public of $153.00 per share. The gross proceeds from this
offering are expected to be approximately $1.3 billion, before deducting the underwriting
discounts and commissions and estimated offering expenses payable
by Albemarle. Albemarle has granted the underwriters a
30-day option to purchase up to 1,274,509 additional shares at the
public offering price, less the underwriting discounts and
commissions. The offering is expected to close on or about
February 8, 2021, subject to the
satisfaction of customary closing conditions.
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. BTIG, Goldman Sachs & Co.
LLC, Santander, Siebert Williams
Shank and Truist Securities are acting as co-managers for
the offering.
The shares described above are being offered by Albemarle pursuant to a shelf registration
statement on Form S-3, including a base prospectus, that was
previously filed by Albemarle with
the Securities and Exchange Commission (SEC) and that became
automatically effective on November 6,
2019. The offering is being made only by means of a
preliminary prospectus supplement and the accompanying base
prospectus, which have been filed with the SEC and are available on
the SEC's website located at http://www.sec.gov. When available,
copies of the preliminary prospectus supplement and the
accompanying prospectus relating to the offering may also be
obtained from J.P. Morgan Securities LLC, Attention: Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 (telephone:
866-803-9204), or by e-mail at prospectus-eq_fi@jpmorgan.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any shares of common stock or any
other security, nor shall there be any offer or sale of these
securities 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 such state or
jurisdiction.
About Albemarle
Albemarle Corporation (NYSE: ALB), headquartered in Charlotte, N.C., is a global specialty
chemicals company with leading positions in lithium, bromine and
refining catalysts. We think beyond business-as-usual to power the
potential of companies in many of the world's largest and most
critical industries, such as energy, electronics, and
transportation. We actively pursue a sustainable approach to
managing our diverse global footprint of world-class resources. In
conjunction with our highly experienced and talented global teams,
our deep-seated values, and our collaborative customer
relationships, we create value-added and performance-based
solutions that enable a safer and more sustainable future.
Forward-Looking Statements
Some of the information presented in this press release,
including, without limitation, statements regarding the terms of
the public offering, the intended use of proceeds from the offering
and the satisfaction of customary closing conditions with respect
to the offering, and information related to product development,
production capacity, committed volumes, market trends, pricing,
expected growth, earnings and demand for our products, input costs,
surcharges, tax rates, stock repurchases, dividends, cash flow
generation, costs and cost synergies, capital projects, economic
trends, outlook and all other information relating to matters that
are not historical facts may constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Actual results could differ materially from the views
expressed. Factors that could cause actual results to differ
materially from the outlook expressed or implied in any
forward-looking statement include, without limitation: changes in
economic and business conditions; changes in financial and
operating performance of our major customers and industries and
markets served by us; the timing of orders received from customers;
the gain or loss of significant customers; competition from other
manufacturers; changes in the demand for our products or the
end-user markets in which our products are sold; limitations or
prohibitions on the manufacture and sale of our products;
availability of raw materials; increases in the cost of raw
materials and energy, and our ability to pass through such
increases to our customers; changes in our markets in general;
fluctuations in foreign currencies; changes in laws and government
regulation impacting our operations or our products; the occurrence
of regulatory actions, proceedings, claims or litigation; the
occurrence of cyber-security breaches, terrorist attacks,
industrial accidents, natural disasters or climate change; the
inability to maintain current levels of product or premises
liability insurance or the denial of such coverage; political
unrest affecting the global economy, including adverse effects from
terrorism or hostilities; political instability affecting our
manufacturing operations or joint ventures; changes in accounting
standards; the inability to achieve results from our global
manufacturing cost reduction initiatives as well as our ongoing
continuous improvement and rationalization programs; changes in the
jurisdictional mix of our earnings and changes in tax laws and
rates; changes in monetary policies, inflation or interest rates
that may impact our ability to raise capital or increase our cost
of funds, impact the performance of our pension fund investments
and increase our pension expense and funding obligations;
volatility and uncertainties in the debt and equity markets;
technology or intellectual property infringement, including
cyber-security breaches, and other innovation risks; decisions we
may make in the future; the ability to successfully execute,
operate and integrate acquisitions and divestitures; uncertainties
as to the duration and impact of the coronavirus (COVID-19)
pandemic; and the other factors detailed from time to time in the
reports we file with the SEC, including those described under "Risk
Factors" in our Annual Report on Form 10-K and our Quarterly
Reports on Form 10-Q. These forward-looking statements speak only
as of the date of this press release. We assume no obligation to
provide any revisions to any forward-looking statements should
circumstances change, except as otherwise required by securities
and other applicable laws.
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SOURCE Albemarle Corporation