Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Saturday, July 12, 11:27 AM
Slide #28. Albemarle Corporation — Preferred Stock Offering
Company: |
Albemarle Corporation (NYSE:ALB) |
Date announced: |
3/4/2024 |
Shares Offered: |
40,000,000 |
Date of Pricing: |
3/6/2024 |
Price Per Share: |
$50.00 |
Preferred Stock Offering Details: |
Albemarle Corporation (NYSE: ALB) ("Albemarle" or the "Company"), a global leader in providing essential elements for mobility, energy, connectivity, and health, today announced that, subject to market and other conditions, it has commenced an offering (the "Offering") of $1.75 billion of depositary shares ("Depositary Shares"), each representing a 1/20th interest in a share of Series A Mandatory Convertible Preferred Stock of the Company ("Preferred Stock"), in an underwritten registered public offering. In addition, Albemarle expects to grant the underwriters in the Offering a 30-day option to purchase up to an additional $262.5 million of Depositary Shares. -updated 3/6- Albemarle Corporation (NYSE: ALB) ("Albemarle" or the "Company"), a global leader in providing essential elements for mobility, energy, connectivity, and health, announced that it has priced its previously announced offering (the "Offering") of 40,000,000 depositary shares ("Depositary Shares"), each representing a 1/20th interest in a share of Series A Mandatory Convertible Preferred Stock of the Company ("Preferred Stock"), at a public offering price of $50 per share, in an underwritten registered public offering. In addition, Albemarle granted the underwriters in the Offering a 30-day option to purchase up to an additional 6,000,000 Depositary Shares, at the public offering price per share, less an underwriting discount. This reflects an upsizing of the previously announced offering of $1.75 billion of Depositary Shares to $2.0 billion of Depositary Shares and the previously announced option to purchase up to an additional $262.5 million to $300.0 million granted to the underwriters. The Offering is expected to close on or about March 8, 2024, subject to the satisfaction of customary closing conditions. |
Albemarle Corporation is engaged in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. Co. is a global developer, manufacturer, and marketer of specialty chemicals. Its segments include Energy Storage, Specialties, and Ketjen. The Energy Storage segment develops and manufactures a range of basic lithium compounds, including lithium carbonate, lithium hydroxide, and lithium chloride. Its Specialties business optimizes its portfolio of bromine and highly specialized lithium solutions. Its Specialties business serves a variety of industries, including energy, mobility, connectivity, and health.
Preferred: ALB.PRA
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