CLEVELAND, Sept. 5,
2024 /PRNewswire/ -- Avient Corporation (NYSE: AVNT)
("Avient") today announced the pricing of its previously announced
offering of $650 million in aggregate principal amount of
senior notes due 2031 (the "notes") in an offering exempt from the
registration requirements of the Securities Act of 1933 (the
"Securities Act"). The notes will bear interest at an annual rate
of 6.250% and will be issued at a price of 100.000% of their
principal amount. The closing of the notes offering is expected to
occur on September 19, 2024, subject
to customary closing conditions.
Avient intends to use the net proceeds from the offering,
together with cash on hand, to redeem all of its outstanding 5.75%
senior notes due 2025 (the "2025 senior notes") and pay related
fees and expenses.
The notes will be offered only to persons reasonably believed to
be qualified institutional buyers in reliance on Rule 144A under
the Securities Act and outside the United
States to non-U.S. persons in reliance on
Regulation S under the Securities Act. The notes will not be and
have not been registered under the Securities Act and may not be
offered or sold in the United
States absent registration or an applicable exemption from
registration requirements.
This news release does not constitute an offer to sell or the
solicitation of an offer to buy any securities nor shall there be
any 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 any such
state or jurisdiction. This news release does not constitute a
notice of redemption pursuant to the terms of the 2025 senior
notes.
About Avient
Avient Corporation (NYSE: AVNT) provides specialized and
sustainable materials solutions that transform customer challenges
into opportunities, bringing new products to life for a better
world.
Forward-Looking Statements
Certain statements contained in this news release constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements give current expectations or forecasts of future events
and are not guarantees of future performance. They are based on
management's expectations that involve a number of business risks
and uncertainties, any of which could cause actual results to
differ materially from those expressed in or implied by the
forward-looking statements. You can identify these statements
by the fact that they do not relate strictly to historic or current
facts. They use words such as "will," "anticipate," "estimate,"
"expect," "project," "intend," "plan," "believe" and other words
and terms of similar meaning in connection with any discussion of
future operating or financial condition, performance and/or sales.
Factors that could cause actual results to differ materially from
those implied by these forward-looking statements include, but are
not limited to: disruptions, uncertainty or volatility in the
credit markets that could adversely impact the availability of
credit already arranged and the availability and cost of credit in
the future; the effect on foreign operations of currency
fluctuations, tariffs and other political, economic and regulatory
risks; disruptions or inefficiencies in our supply chain,
logistics, or operations; changes in laws and regulations in
jurisdictions where we conduct business, including with respect to
plastics and climate change; fluctuations in raw material prices,
quality and supply, and in energy prices and supply; demand for our
products and services; production outages or material costs
associated with scheduled or unscheduled maintenance programs;
unanticipated developments that could occur with respect to
contingencies such as litigation and environmental matters; our
ability to pay regular quarterly cash dividends and the amounts and
timing of any future dividends; information systems failures and
cyberattacks; amounts for cash and non-cash charges related to
restructuring plans that may differ from original estimates,
including because of timing changes associated with the underlying
actions; our ability to achieve strategic objectives and
successfully integrate acquisitions, including the implementation
of a cloud-based enterprise resource planning system, S/4HANA;
other factors affecting our business beyond our control, including
without limitation, changes in the general economy, changes in
interest rates, changes in the rate of inflation, geopolitical
conflicts, and any recessionary conditions; and other factors
described in our Annual Report on Form 10-K for the year ended
December 31, 2023 under Item 1A,
"Risk Factors."
We cannot guarantee that any forward-looking statement will be
realized, although we believe we have been prudent in our plans and
assumptions. Achievement of future results is subject to risks,
uncertainties and assumptions. Should known or unknown risks or
uncertainties materialize, or should underlying assumptions prove
inaccurate, actual results could vary materially from those
anticipated, estimated or projected. Investors should bear
this in mind as they consider forward-looking statements. We
undertake no obligation to publicly update forward-looking
statements, whether as a result of new information, future events
or otherwise, except as otherwise required by law. You are advised,
however, to consult any further disclosures we make on related
subjects in our reports on Forms 10-Q, 8-K, and 10-K filed with the
Securities and Exchange Commission. You should understand that it
is not possible to predict or identify all risk factors.
Consequently, you should not consider any such list to be a
complete set of all potential risks or uncertainties.
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SOURCE Avient Corporation