(Albemarle Corp., 3.Feb.2021) — Albemarle Corporation, a leader in the global specialty chemicals industry, today announced the pricing of a previously announced underwritten public offering of 8,496,733 shares of its common stock at a price to the public of $153/share.
The gross proceeds from this offering are expected to be approximately $1.3bn, before deducting the underwriting discounts and commissions and estimated offering expenses payable by Albemarle. Albemarle has granted the underwriters a 30-day option to purchase up to 1,274,509 additional shares at the public offering price, less the underwriting discounts and commissions. The offering is expected to close on or about 8 February 2021, subject to the satisfaction of customary closing conditions.
Albemarle intends to use the net proceeds of the offering primarily to fund growth capital expenditures, such as the construction and expansion of lithium operations in Australia, Chile and Silver Peak, Nevada, and opportunities in China. Albemarle also intends to use the net proceeds for debt repayment in the short term and other general corporate purposes.
J.P. Morgan is acting as lead book-running manager and representative of the underwriters of the offering. BofA Securities is also acting as a joint-book running manager. HSBC, Mizuho Securities, MUFG and SMBC Nikko are also acting as additional joint-book running managers. BTIG, Goldman Sachs & Co. LLC, Santander, Siebert Williams Shank and Truist Securities are acting as co-managers for the offering.