IFF announced the early tender results for its cash tender offers for outstanding notes, along with an increase in the maximum purchase amounts. The Pool 1 Maximum Amount was raised from $1.0 billion to $1.1 billion, and the Pool 2 Maximum Amount increased from $800 million to $900 million.
The company also increased the Series Tender Caps for its 2027 Notes from $300 million to $400 million and for its 2050 Notes from $600 million to $649.114 million. The 2025 and 2040 Notes Series Tender Caps remained unchanged.
IFF expects to accept for purchase $500 million of 2025 Notes, $400 million of 2027 Notes, and $266.678 million of 2030 Notes from Pool 1, with proration applied to the 2025, 2027, and 2030 Notes. For Pool 2, IFF expects to accept $649.114 million of 2050 Notes, $417.599 million of 2040 Notes, and $103.796 million of 2047 Notes, with proration applied to the 2048 Notes.
The purchases will be funded by proceeds from the Pharma Solutions business sale, completed on May 1, 2025. The early settlement date for accepted notes is anticipated to be May 20, 2025, with the tender offers expiring on June 2, 2025. This move significantly advances IFF's deleveraging strategy.
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