On May 19, 2020, Olin Corporation (NYSE:OLN) issued $500 million aggregate principal amount of 9.500% Senior Notes due 2025 ) pursuant to an indenture, dated as of May 19, 2020, between the Registrant and U.S. Bank National Association, as trustee , governing the Senior Notes. The Senior Notes will mature on June 1, 2025, and will have an interest rate of 9.500%. Interest will be paid semi-annually on June 1 and December 1 of each year, beginning on December 1, 2020.
OLN may redeem some or all of the Senior Notes at any time prior to the date that is three months prior to the scheduled maturity date of the Senior Notes, at a price equal to 100% of the aggregate principal amount of the Senior Notes redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, plus a “make-whole” premium. Olin Corporation may also redeem some or all of the Senior Notes at any time on or after the Par Call Date, at a price equal to 100.000% of the aggregate principal amount of the Senior Notes redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. OLN must offer to purchase the Senior Notes if it experiences a change of control under certain circumstances as set forth in the Indenture.
The Senior Notes are not initially guaranteed by any subsidiaries of the Registrant. However, the Indenture requires certain of the Registrant’s subsidiaries to guarantee the Senior Notes in the future if such subsidiaries incur or guarantee certain debt issued by OLN or certain of its subsidiaries. The Indenture provides for customary events of default, including upon nonpayment of principal or interest, breach of covenants and the occurrence of certain insolvency matters (subject in certain cases to cure periods).
OLN stock price still did not recover from March coronavirus madness and it closed at $11.32 on Tuesday.