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Non-Tech : Olin - My favorite Company
OLN 20.81-6.8%Jan 30 9:30 AM EST
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To: richardred who wrote (78)7/1/2007 1:54:06 PM
From: richardred   of 170
 
Olin Enters $250M Credit Facilities
Friday June 29, 11:47 am ET
Olin Enters 2 Credit Facilities Valued at $250M, Will Help Fund Pioneer Acquisition

WASHINGTON (AP) -- Olin Corp. expects to use part of its new $250 million credit facilities to pay for its roughly $415 million acquisition of rival chemical maker Pioneer Companies Inc., according to a Friday regulatory filing.

Olin opened the separate $100 million and $150 million credit facilities with a syndicate of lenders and Citibank NA as administrative agent on Tuesday, according to the filing with the Securities and Exchange Commission.

Borrowings under the facilities, both of which mature on June 24, 2008, are subject to the satisfaction of customary conditions, including the closing of Olin's acquisition of all of Houston-based Pioneer's outstanding common stock for $35 per share in a deal announced last month.

Each company's board has approved the purchase, which was expected to close in the second half of the year, but a group of Pioneer shareholders earlier this month filed a lawsuit and are trying to block the deal.

Shares of Clayton, Mo.-based Olin added 44 cents to $21.17 in midday trading, while Pioneer gained 9 cents to $34.54.
biz.yahoo.com
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