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Olin Announces Facility Closures
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CLAYTON, Mo., Jan. 19, 2021 /PRNewswire/ Olin Corporation (NYSE: OLN) announced today that it has made the decision to cease operations of its Trichloroethylene (Tric) and Anhydrous Hydrogen Chloride (AnHCl) liquefaction facilities in Freeport, Texas, before the end of 2021. These actions are expected to be cash flow accretive. Olin expects to incur approximately $2 million of restructuring charges in 2021, associated with these plans. The actions taken today further our efforts to ensure we purposefully allocate capital spending and Olin people assets towards lifting ECU (Electrochemical Unit) returns. As Olin transitions our industry-leading feedstock position to supply next-generation, environmentally sustainable refrigerants, we will exit the production of Tric, which is used to produce traditional refrigerants. For AnHCl, we remain interested in serving key high-value end-use applications; how
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CLAYTON, Mo., Dec. 16, 2020 /PRNewswire/ Olin Corporation (NYSE: OLN) announced today that it has notified bondholders that it intends to redeem all of the $120 million of its outstanding 9.75% senior notes due October 15, 2023 (the Notes ). The Notes are expected to be redeemed on January 15, 2021 at a redemption price in cash of 102.438% of the principal amount of the Notes (representing an aggregate redemption premium of approximately $3.0 million). The Notes were issued in connection with the 2015 Dow Chlorine Products acquisition. Olin expects to fund the redemption using $123.0 million of cash generated from operations. The $120 million redemption of the high-cost bonds reflects our strategy to utilize excess cash flow to lower our debt levels, said Scott Sutton, President and Chief Executive Officer. We expect that the redemption will reduce annual interest expense by approximately $12 million.