NAPERVILLE, Ill., Nov. 22, 2010 (GLOBE NEWSWIRE) -- Nalco Company (NYSE:NLC) (the "Company") announced today that it has amended and extended its pending solicitation of consents (the "Consent Solicitation") from holders of its outstanding 8 1/4% Senior Notes due 2017 (the "Notes").
The amendments to the Consent Solicitation have increased the consent payment from $5.00 to $10.00 per $1,000 principal amount of Notes for which consents are validly delivered (and not revoked). The expiration of the Consent Solicitation has been extended from 5:00 p.m., New York City time, on November 22, 2010 to 5:00 p.m., New York City time, on November 24, 2010, unless earlier terminated or further extended by the Company in its sole discretion.
The purpose of the Consent Solicitation is to approve amendments to the indenture relating to the Notes (the "Indenture") that would permit the Company to (i) refinance the portion of its $465 million aggregate principal amount of 8 7/8% senior subordinated notes due 2013 and €200 million aggregate principal amount of 9% senior subordinated notes due 2013 that the Company is not permitted to refinance with senior indebtedness until November 15, 2012 and (ii) modify the Restricted Payments provision contained in Section 4.04(b)(xviii) of the Indenture that currently permits the Company to make dividends to its parent company, Nalco Finance Holdings LLC to make payments of principal and interest on, and optionally redeem, its 9.0% senior discount notes (the "Senior Discount Notes"), subject to certain conditions, to clarify that a refinancing of the Senior Discount Notes may be effected pursuant to a cash tender, open market repurchases or other methods.
For a complete statement of the terms and conditions of the Consent Solicitation, holders of the Notes should refer to the Consent Solicitation Statement, dated November 15, 2010, and the accompanying Consent Form (together, the "Consent Documents"). Holders who have previously delivered consents need not take any further action in order to receive the amended consent payment if the Consent Solicitation is successful.
Copies of the Consent Documents and other related documents may be obtained from D.F. King & Co., Inc., the Information and Tabulation Agent, at (800) 967-4607 (toll free). Any persons with questions regarding the consent solicitation should contact the Solicitation Agent, Goldman, Sachs & Co., at (212) 902-5183 (collect) or (800) 828-3182 (toll free).
This announcement is for information purposes only and is neither an offer to sell nor a solicitation of an offer to buy any security. This announcement is also not a solicitation of consents with respect to the proposed amendments or any securities. No recommendation is being made as to whether holders of Notes should consent to the proposed amendments. The solicitation of consents is not being made in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such solicitation under applicable state or foreign securities or "blue sky" laws.
About Nalco
Nalco Company is the world's largest sustainability services company focused on industrial water, energy and air applications; delivering significant environmental, social and economic performance benefits to our customers. We help our customers reduce energy, water and other natural resource consumption, enhance air quality, minimize environmental releases and improve productivity and end products while boosting the bottom line. Together our comprehensive solutions contribute to the sustainable development of customer operations.
Nalco is a member of the Dow Jones Sustainability Indexes. More than 11,500 Nalco employees operate in 150 countries supported by a comprehensive network of manufacturing facilities, sales offices and research centers to serve a broad range of end markets. In 2009, Nalco achieved sales of more than $3.7 billion. For more information visit www.nalco.com.
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