UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 13, 2013
POLYONE CORPORATION
(Exact name of registrant as specified in charter)
Ohio | 1-16091 | 34-1730488 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
PolyOne Center, 33587 Walker Road
Avon Lake, Ohio 44012
(Address of Principal Executive Offices and Zip Code)
(440) 930-1000
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01. | Other Events. |
On February 13, 2013, PolyOne Corporation, an Ohio corporation (the Company), announced the commencement and subsequent pricing of a private offering of $600.0 million aggregate principal amount of 5.25% senior notes due 2023 (the Notes) in an offering exempt from the registration requirements of the Securities Act of 1933 (the Securities Act). Pursuant to Rule 135c of the Securities Act, the Company is filing herewith the press releases issued February 13, 2013 as Exhibits 99.1 and 99.2 hereto.
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.
Item 9.01. | Financial Statements and Exhibits. |
(d) | Exhibits: |
Number |
Exhibit | |
99.1 | Press Release Issued February 13, 2013 | |
99.2 | Press Release Issued February 13, 2013 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
POLYONE CORPORATION | ||||
By: | /s/ Lisa K. Kunkle | |||
Name: | Lisa K. Kunkle | |||
Title: | Vice President, General Counsel & Secretary |
Dated: February 15, 2013
EXHIBIT INDEX
Exhibit |
Description | |
99.1 | Press release dated February 13, 2013 | |
99.2 | Press release dated February 13, 2013 |
Exhibit 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE
PolyOne Announces Commencement
of $600 Million Senior Notes Offering
CLEVELAND February 13, 2013 PolyOne Corporation (NYSE: POL) today announced the commencement of a private offering of $600 million in aggregate principal amount of senior notes due 2023 (the Notes). PolyOne currently intends to use the proceeds from the Notes offering to partially fund the acquisition of Spartech Corporation, to repay all amounts outstanding under its senior secured term loan, and to make a $50 million voluntary pension contribution.
Spartech shareholders will be asked to approve the proposed acquisition by PolyOne at a special meeting to be held on March 12, 2013.
The Notes offering will be made in a private transaction in reliance upon an exemption from the registration requirements of the Securities Act of 1933 (the Securities Act). Within the United States, the Notes will be offered only to investors who are qualified institutional buyers, as that term is defined in Rule 144A under the Securities Act. Outside of the United States, the Notes will be offered only to investors who are persons other than U.S. persons, as that term is defined in Rule 902 under the Securities Act, in offshore transactions in reliance upon Regulation S under the Securities Act.
The Notes have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
This news release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.
# # #
About PolyOne
PolyOne Corporation, with 2012 revenues of $3.0 billion, is a premier provider of specialized polymer materials, services and solutions. The company is dedicated to serving customers in diverse industries around the globe, by creating value through collaboration, innovation and an unwavering commitment to excellence. Guided by its Core Values, Sustainability Promise and No Surprises PledgeSM, PolyOne is committed to its customers, employees, communities and shareholders through ethical, sustainable and fiscally responsible principles.
Investor Relations Contact:
Cynthia D. Tomasch
Vice President Planning & Investor Relations
PolyOne Corporation
+1 440-930-3155
cynthia.tomasch@polyone.com
Media Contact:
Kyle Rose Director,
Corporate Communications
PolyOne Corporation
+1 440-930-3162
kyle.rose@polyone.com
2
Cautionary Note on Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, statements in this document regarding the proposed acquisition of Spartech Corporation are forward-looking statements. Forward-looking statements give current expectations or forecasts of future events and are not guarantees of future performance. They are based on managements 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. 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: the time required to consummate the proposed Spartech acquisition; the satisfaction or waiver of conditions in the merger agreement relating to the Spartech acquisition; any material adverse changes in the business of Spartech; and the ability to obtain required regulatory, shareholder or other third-party approvals and consents and otherwise consummate the proposed Spartech acquisition. The above list of factors is not exhaustive.
We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to consult any further disclosures we make on related subjects in our reports on Form 10-Q, 8-K and 10-K that we provide to the Securities and Exchange Commission.
3
Exhibit 99.2
NEWS RELEASE
FOR IMMEDIATE RELEASE
PolyOne Announces Pricing of Senior Notes Offering
CLEVELAND February 13, 2013 PolyOne Corporation (NYSE: POL) today announced the pricing of its previously announced private offering of $600 million in aggregate principal amount of senior notes due 2023 (the Notes). The Notes will have a coupon of 5.25% and an approximate effective rate of 5.75% per annum including amortization of fees and are being issued at 100% of their face value. The closing of the Notes offering is expected to occur on February 28, 2013, subject to customary closing conditions.
PolyOne currently intends to use the net proceeds from the Notes offering to partially fund the acquisition of Spartech Corporation, to repay all amounts outstanding under its senior secured term loan, and to make a $50 million voluntary pension contribution.
Spartech shareholders will be asked to approve the proposed acquisition by PolyOne at a special meeting to be held on March 12, 2013.
The Notes offering will be made in a private transaction in reliance upon an exemption from the registration requirements of the Securities Act of 1933 (the Securities Act). Within the United States, the Notes will be offered only to investors who are qualified institutional buyers, as that term is defined in Rule 144A under the Securities Act. Outside of the United States, the Notes will be offered only to investors who are persons other than U.S. persons, as that term is defined in Rule 902 under the Securities Act, in offshore transactions in reliance upon Regulation S under the Securities Act.
The Notes have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.
# # #
About PolyOne
PolyOne Corporation, with 2012 revenues of $3.0 billion, is a premier provider of specialized polymer materials, services and solutions. The company is dedicated to serving customers in diverse industries around the globe, by creating value through collaboration, innovation and an unwavering commitment to excellence. Guided by its Core Values, Sustainability Promise and No Surprises PledgeSM, PolyOne is committed to its customers, employees, communities and shareholders through ethical, sustainable and fiscally responsible principles.
Investor Relations Contact:
Cynthia D. Tomasch
Vice President Planning & Investor Relations
PolyOne Corporation
+1 440-930-3155
cynthia.tomasch@polyone.com
Media Contact:
Kyle Rose
Director, Corporate Communications
PolyOne Corporation
+1 440-930-3162
kyle.rose@polyone.com
2
Cautionary Note on Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, statements in this document regarding the proposed acquisition of Spartech Corporation are forward-looking statements. Forward-looking statements give current expectations or forecasts of future events and are not guarantees of future performance. They are based on managements 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. 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: the time required to consummate the proposed Spartech acquisition; the satisfaction or waiver of conditions in the merger agreement relating to the Spartech acquisition; any material adverse changes in the business of Spartech; and the ability to obtain required regulatory, shareholder or other third-party approvals and consents and otherwise consummate the proposed Spartech acquisition. The above list of factors is not exhaustive.
We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to consult any further disclosures we make on related subjects in our reports on Form 10-Q, 8-K and 10-K that we provide to the Securities and Exchange Commission.
3
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