Albemarle Announces Pricing of Cash Tender Offers

Albemarle Corporation (NYSE: ALB) today announced the pricing of the previously announced cash tender offers by the Company and two of its wholly-owned subsidiaries, Albemarle Wodgina Pty Ltd and Albemarle New Holding GmbH, for up to $100,000,000 in aggregate principal amount of securities of the Dollar Tender Offer and up to €100,000,000 in aggregate principal amount of securities of the Euro Tender Offer.

The tables below summarize certain information regarding the Securities (defined below) and the Tender Offers, including the Total Consideration (defined below) for the Securities.

The Tender Offers are being made pursuant to an Offer to Purchase, dated March 1, 2021 (the “Offer to Purchase“), which sets forth the terms and conditions of the Tender Offers.  The first tender offer is for up to $100 million aggregate principal amount of the outstanding senior notes listed in Table I above (the “Dollar Tender Offer“).  The second tender offer (the “Euro Tender Offer” and, together with the Dollar Tender Offer, the “Tender Offers” and each, a “Tender Offer“) is for up to €100 million aggregate principal amount of the notes listed in Table II above (and together with the senior notes listed in Table I, the “Securities“).  The Tender Offers will expire at 11:59 p.m., New York City time, on March 26, 2021, or any other date and time to which such Tender Offer is extended (such date and time, as it may be extended with respect to a Tender Offer, the “Expiration Date“), unless earlier terminated.

The consideration (the “Total Consideration“) offered per $1,000 or €1,000 principal amount, as applicable, of such series of Securities validly tendered and accepted for purchase pursuant to the applicable Tender Offer was determined in the manner described in the Offer to Purchase by reference to the applicable “Fixed Spread” for such Securities, as specified in the tables above, plus the applicable “Reference Yield” for such Securities, as specified in the tables above, which is based on (a) the bid-side price of the applicable Reference Security listed in Table I above, in the case of the Dollar Tender Offer, and (b) the applicable Interpolated Rate listed in Table II above, in the case of the Euro Tender Offer, in each case as determined at 10:00 a.m., New York City time, on March 12, 2021, minus accrued interest.  The “Late Tender Offer Consideration” is equal to the Total Consideration minus the Early Participation Amount.

Only holders of Securities who validly tender and do not validly withdraw their Securities prior to 5:00 p.m., New York City time, on March 12, 2021 (such date and time, as it may be extended with respect to a Tender Offer, the “Early Participation Date“) may be eligible to receive the applicable Total Consideration, which is inclusive of the applicable cash amount set forth in the above tables under the heading “Early Participation Amount” (the “Early Participation Amount“), plus accrued interest.  Holders of Securities who validly tender their Securities after the Early Participation Date but on or prior to the Expiration Date may only be eligible to receive the applicable Late Tender Offer Consideration, plus accrued interest.

Securities that are validly tendered may be validly withdrawn at any time prior to 5:00 p.m., New York City time, on March 12, 2021 (such date and time, as it may be extended with respect to a Tender Offer, the “Withdrawal Date“).  After such time, Securities validly tendered may not be withdrawn unless the applicable Issuer extends the Withdrawal Date.

With respect to each Tender Offer, the Securities accepted for purchase will be accepted in accordance with their Acceptance Priority Levels (with 1 being the highest Acceptance Priority Level and 2 being the lowest Acceptance Priority Level) (collectively, the “Acceptance Priority Levels“), subject to the limitations that (i) the aggregate principal amount purchased pursuant to the Dollar Tender Offer will not exceed the Dollar Security Maximum Amount and (ii) the aggregate principal amount purchased pursuant to the Euro Tender Offer will not exceed the Euro Security Maximum Amount.  We may (i) increase the Dollar Security Maximum Amount or the Euro Security Maximum Amount, or (ii) decrease the Dollar Security Maximum Amount or the Euro Security Maximum Amount, in our sole and absolute discretion and in accordance with applicable law.

The settlement date for the Securities that are validly tendered on or prior to the Early Participation Date and accepted for purchase is expected to be March 16, 2021, assuming all conditions to the applicable Tender Offer have been satisfied or waived.  The settlement date for Securities that are validly tendered following the Early Participation Date but on or prior to the applicable Expiration Date and accepted for purchase is expected to be March 30, 2021, assuming all conditions to the applicable Tender Offer have been satisfied or waived.

The Tender Offers are subject to the satisfaction or waiver of certain conditions specified in the Offer to Purchase.  The Tender Offers are not conditioned on any minimum amount of Securities being tendered.

Information Relating to the Tender Offers

J.P. Morgan Securities LLC is acting as the dealer manager in connection with the Dollar Tender Offer and J.P. Morgan AG is acting as the dealer manager in connection with the Euro Tender Offer (together, the “Dealer Managers“).  The information and tender agent is D.F. King (the “Information and Tender Agent“).  Copies of the Offer to Purchase and related offer materials are available by contacting D.F. King at +1 (877) 283-0323 or +1 (212) 269-5550 (banks and brokers).  Questions regarding the Tender Offers should be directed to J.P. Morgan Securities LLC at +1 (866) 834-4666 (U.S. toll-free) or +1 (212) 834-3424 (collect) or J.P. Morgan AG at liability_management_EMEA@jpmorgan.com, as applicable.

None of the Issuers or their affiliates, their respective boards of directors or managing members, the Dealer Managers, D.F. King or the trustee or fiscal agent with respect to any series of Securities is making any recommendation as to whether holders of Securities should tender any Securities in response to any of the Tender Offers, and neither the Issuers nor any such other person has authorized any person to make any such recommendation.  Holders of Securities must make their own decision as to whether to tender any of their Securities and, if so, the principal amount of Securities to tender.

This press release is for informational purposes only and shall not constitute an offer to purchase securities or a solicitation of an offer to sell any securities.  The Tender Offers are being made only pursuant to the Offer to Purchase and only in such jurisdictions as is permitted under applicable law.

This press release must be read in conjunction with the Offer to Purchase.  The full details of the Tender Offers, including complete instruction on how to tender Securities, are included in the Offer to Purchase.  The Offer to Purchase contains important information that should be read carefully by holders of Securities before making a decision to tender any Securities.  The Offer to Purchase may be obtained from the Information and Tender Agent, free of charge, by calling toll-free at +1 (800) 820-2415 or +1 (212) 269-5550 (banks and brokers).

None of the Dealer Managers, the Information and Tender Agent or any of their respective directors, officers, employees, agents or affiliates assumes any responsibility for the accuracy or completeness of the information concerning the Issuers, the Securities or the Tender Offers contained in this press release or in the Offer to Purchase.  None of the Dealer Managers, the Information and Tender Agent or any of their respective directors, officers, employees, agents or affiliates is acting for any Holder, or will be responsible to any Holder for providing any protections which would be afforded to its clients or for providing advice in relation to the Tender Offers, and accordingly none of the Dealer Managers, the Information and Tender Agent and any of their respective directors, officers, employees, agents or affiliates assumes any responsibility for any failure by the Issuers to disclose information with regard to the Issuers or the Securities which is material in the context of the Tender Offers and which is not otherwise publicly available.

About Albemarle

Albemarle Corporation (NYSE: ALB), headquartered in Charlotte, N.C., is a global specialty chemicals company with leading positions in lithium, bromine and refining catalysts. We think beyond business-as-usual to power the potential of companies in many of the world’s largest and most critical industries, such as energy, electronics, and transportation. We actively pursue a sustainable approach to managing our diverse global footprint of world-class resources. In conjunction with our highly experienced and talented global teams, our deep-seated values, and our collaborative customer relationships, we create value-added and performance-based solutions that enable a safer and more sustainable future.