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AKRON, US: Chemical company A. Schulman Inc said it has initiated a public offering of $110 million aggregate liquidation preference of cumulative perpetual convertible special stock. The company intends to grant the underwriters for the offering a 30-day option to purchase up to $15 million in additional shares.
Net proceeds from the public offering will fund a portion of the cash consideration to be paid in its proposed acquisition of HGGC Citadel Plastics Holdings Inc and to pay transaction-related fees and expenses, it said.
If it does not proceed with the Citadel acquisition, it intends to use the net proceeds for general corporate purposes and repayment of indebtedness, A. Schulman said.
J P Morgan Securities LLC and BofA Merrill Lynch are serving as joint book-running managers for the offering. Commerz Markets LLC, BBVA Securities Inc, Citigroup Global Markets Inc and RBS Securities Inc are serving as co-managers for the offering.
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