Albemarle Corporation
Albemarle Corporation Announces Pricing for Depositary Shares Offering
Summary
On March 6, 2024, Albemarle Corporation announced the pricing of its public offering of 40,000,000 depositary shares, with an additional option for 6,000,000 shares. The offering was priced at $50 per share, totaling approximately $2 billion. The depositary shares represent a 1/20th interest in Series A Mandatory Convertible Preferred Stock, with automatic conversion into common stock on or around March 1, 2027. The net proceeds of approximately $1.94 billion will be used for general corporate purposes, including funding capital expenditures and repaying commercial paper. The offering closed on March 8, 2024. Amendments to the Articles of Incorporation and a Deposit Agreement were also filed in connection with this offering.
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About Albemarle Corporation
Albemarle Corporation is a global leader in the chemical manufacturing industry, specializing in the production of lithium, bromine, and catalysts. As a significant player in the lithium market, Albemarle is integral to the rapidly growing electric vehicle (EV) sector, owing to lithium's essential role in battery production. The company's operations extend across diverse applications, from energy storage solutions to petroleum refining and the pharmaceuticals industry. By providing advanced materials and solutions, Albemarle plays a crucial role in enabling cleaner energy technologies and sustainable industrial practices. Headquartered in Charlotte, North Carolina, Albemarle operates on a global scale, with production facilities and research centers strategically located around the world. The company's commitment to innovation and sustainability ensures its continuous impact on emerging technologies, making it a crucial stakeholder in the transition towards more sustainable energy and advanced industrial processes. Albemarle's market significance is underscored by its strategic partnerships and global supply chains that support some of the most dynamic and essential sectors in today's economy.
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