International Flavors & Fragrances (IFF) said Friday it started tender offers to purchase in cash some of its outstanding series of notes for up to $1.8 billion.
A maximum of $1 billion will be allotted to purchase notes in the first pool, which consists of 1.230% senior notes due 2025, 1.832% senior notes due 2027, 2.300% senior notes due 2030, and 4.450% senior notes due 2028, the company said.
For the second pool, a maximum of $800 million will be allotted to purchase 3.468% senior notes due 2050, 3.268% senior notes due 2040, 4.375% senior notes due 2047, and 5.000% senior notes due 2048.
The tender offers will expire at 5:00 p.m., New York City time, on June 2, the company said.
International Flavors said it intends to fund the purchase with the cash proceeds from the sale of its Pharma Solutions business, which closed Thursday.
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