NEW YORK--(BUSINESS WIRE)--Sep. 24, 2018--
Regulatory News:
International Flavors & Fragrances Inc. (NYSE:IFF) (Euronext Paris:
IFF), a leading innovator of sensorial experiences that move the world,
today announced that it has priced its public offering of $300,000,000
aggregate principal amount of its 3.400% senior notes due 2020,
$400,000,000 aggregate principal amount of its 4.450% senior notes due
2028 and $800,000,000 aggregate principal amount of its 5.000% senior
notes due 2048. IFF intends to use the net proceeds from the offering to
pay a portion of the consideration for the previously announced merger
with Frutarom Industries Ltd. and to pay related fees and expenses. IFF
anticipates that the offering will close on September 26, 2018, subject
to customary closing conditions.
The offering is not contingent upon the consummation of the merger. If
the closing of the merger has not occurred on or prior to February 7,
2019, or, if prior to such date, the merger agreement with Frutarom is
terminated, IFF will be required to redeem all of the notes on the
special mandatory redemption date at a redemption price equal to 101% of
the aggregate principal amount of the notes, plus accrued and unpaid
interest to, but excluding, the special mandatory redemption date.
Morgan Stanley & Co. LLC, BNP Paribas Securities Corp., Citigroup Global
Markets Inc. and J.P. Morgan Securities LLC are acting as joint
book-running managers for the offering. Citizens Capital Markets, Inc.,
ING Financial Markets LLC, MUFG Securities Americas Inc., U.S. Bancorp
Investments, Inc., Wells Fargo Securities, LLC, HSBC Securities (USA)
Inc. and Standard Chartered Bank are acting as co-managers for the
offering. The offering is being made pursuant to an effective shelf
registration statement on Form S-3 filed with the Securities and
Exchange Commission (“SEC”). The offering may only be made by means of
the prospectus supplement relating to the offering and the accompanying
prospectus. A copy of the prospectus supplement for the offering and the
accompanying prospectus can be obtained by contacting Morgan Stanley &
Co. LLC, Prospectus Department, 180 Varick Street, 2nd Floor, New York,
New York 10014; BNP Paribas Securities Corp., 787 Seventh Avenue, New
York, New York 10019, Attention: Syndicate Desk or by calling
212-841-2871 or (toll free) 1-800-854-5674; Citigroup Global Markets
Inc. toll-free at 1-800-831-9146, or by mail at Citigroup, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY
11717; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions1155 Long Island Avenue, Edgewood, NY 11717, or via telephone:
1-866-803-9204.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be any
sale of these securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
Meet IFF
International Flavors & Fragrances Inc. (NYSE:IFF) (Euronext Paris:IFF)
is a leading innovator of sensorial experiences that move the world. At
the heart of our company, we are fueled by a sense of discovery,
constantly asking “what if?”. That passion for exploration drives us to
co-create unique products that consumers taste, smell, or feel in fine
fragrances and beauty, detergents and household goods, as well as
beloved foods and beverages. Our 7,300 team members globally take
advantage of leading consumer insights, research and development,
creative expertise, and customer intimacy to develop differentiated
offerings for consumer products.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes “forward-looking statements” under the
Federal Private Securities Litigation Reform Act of 1995, including the
completion and timing of the offering described, the anticipated use of
proceeds from the offering and completion of the merger. These
statements involve risks and uncertainties that could cause actual
results to differ materially, including, but not limited to, the ability
to satisfy customary closing conditions with respect to the offering,
prevailing market conditions, and the impact of general economic,
industry or political conditions in the United States or
internationally. Additional risks and uncertainties relating to the
offering, IFF and its business can be found in IFF’s SEC filings,
including IFF’s Annual Report on Form 10-K for the year ended December
31, 2017 filed with the Commission on February 27, 2018. IFF undertakes
no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events, or
otherwise.
International Flavors & Fragrances Inc.
521 West 57th
Street
New York, NY 10019
T +212.765.5500
F +212.708.7132
iff.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20180924006052/en/
Source: International Flavors & Fragrances Inc.
International Flavors & Fragrances Inc.
Michael DeVeau,
212-708-7164
VP, Global Corporate Strategy, Investor Relations &
Communications
Michael.DeVeau@iff.com