Specialty chemicals maker
) has declared the redemption of the remaining 12% of its
outstanding 9.125% Senior Notes due 2017 on June 1, 2013. With
this, Ashland has completed the redemption of all of its
remaining outstanding 9.125% Senior Notes .
In July last year, Ashland had offered a cash tender for any
and its entire outstanding $650 million aggregate principal
amount of the Senior Notes due 2017. At that time, roughly 88% or
$572 million aggregate principal amount of the outstanding Senior
Notes were tendered. The remaining 12% or around $78 million
aggregate principal amount of outstanding Notes are now been
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The Senior Notes holders were paid $1,045.63 per $1,000.00
aggregate principal amount of the Notes along with accrued and
unpaid interest up to, but not including, the redemption date.
Ashland makes nickel and cobalt-based alloys in sheet coil and
plate forms. Its Consumer Markets segment markets Valvoline,
world's first lubricating oil. It also operates the Valvoline
Instant Oil Change, the nation's second-largest franchised
quick-lube chain. Ashland offers specialty chemicals to more than
Last month, Ashland reported second-quarter fiscal 2013 (ended
Mar 31, 2013) adjusted earnings (excluding one-time items) from
continuing operations of $1.78 per share, outshining the Zacks
Consensus Estimate of $1.56 a share.
Profits from continuing operations, as reported, fell roughly 39%
year over year to $55 million or 68 cents a share. Revenues fell
5% year over year to $1,974 million, missing the Zacks Consensus
Estimate of $2,057 million. Ashland was challenged by weakness
prevailing in a number of key regions, namely Europe. It
witnessed lower sales across each of its business segments in the
quarter on lower demand.
Ashland currently carries a short-term Zacks Rank #3 (Hold).
Other companies in the chemical industry that are worth
Shin-Etsu Chemical Co., Ltd.
). All of them retain a Zacks Rank #1 (Strong Buy)