{"id":390094,"date":"2020-11-30T18:52:34","date_gmt":"2020-11-30T23:52:34","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=390094"},"modified":"2020-11-30T18:52:34","modified_gmt":"2020-11-30T23:52:34","slug":"championx-corporation-announces-tender-offer-for-6-375-senior-notes-due-2026","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/championx-corporation-announces-tender-offer-for-6-375-senior-notes-due-2026\/","title":{"rendered":"ChampionX Corporation Announces Tender Offer for 6.375% Senior Notes due 2026"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">THE WOODLANDS, Texas, Nov.  30, 2020  (GLOBE NEWSWIRE) &#8212; ChampionX Corporation (NYSE: CHX) (the \u201cCompany\u201d or \u201cChampionX\u201d) announced today the commencement of a cash tender offer (the \u201cTender Offer\u201d) to purchase its 6.375% Senior Notes due 2026 (the \u201cNotes\u201d) in a principal amount of up to $100,000,000 (the \u201cTender Cap\u201d), as described in the table below:<\/p>\n<table align=\"center\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:13%;width:13%;min-width:13%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Title of <\/strong><br \/>\n            <br \/>\n            <strong>Security<\/strong>\n          <\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>CUSIP <\/strong><br \/>\n            <br \/>\n            <strong>Number<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"max-width:14%;width:14%;min-width:14%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Principal Amount Outstanding<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"max-width:14%;width:14%;min-width:14%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Tender <\/strong><br \/>\n            <br \/>\n            <strong>Cap<\/strong>\n          <\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Base Consideration (1)(2)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"max-width:15%;width:15%;min-width:15%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Early Tender Premium (1)<\/strong>\n          <\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Total Consideration (1)(2)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">6.375%<br \/>Senior Notes <br \/>due 2026<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">03755LAC8<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">$300,000,000<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">$100,000,000<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">$980.00<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">$30.00<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">$1,010.00<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">(1)\u00a0 Per $1,000 principal amount of Notes.<\/p>\n<p align=\"justify\">(2)\u00a0 Excludes Accrued Interest (as defined below), which will be paid in addition to the Base Consideration or the Total\u00a0Consideration, as applicable.<\/p>\n<p>\n        <strong>Certain Information Regarding the Tender Offer<\/strong>\n      <\/p>\n<p align=\"justify\">The Tender Offer commenced today, upon the terms and subject to the conditions set forth in the Offer to Purchase dated as of November 30, 2020 (the \u201cOffer to Purchase\u201d). The Tender Offer will expire at 11:59 p.m., New York City time, on December 28, 2020, unless the Company extends the Tender Offer (the date and time, as the Tender Offer may be extended, the \u201cExpiration Date\u201d), unless earlier terminated. Holders of any Notes that validly tender, and do not validly withdraw at or prior to the Withdrawal Deadline (as defined below), their Notes at or prior to 5:00 p.m., New York City time, on December 11, 2020 (such date and time, as it may be extended the \u201cEarly Tender Date\u201d), will be eligible to receive the Total Consideration as set forth in the table above per $1,000 principal amount of the Notes, which is equal to the Base Consideration as set forth in the table above plus the Early Tender Premium as set forth in the table above, plus accrued and unpaid interest on the Notes from the last interest payment date for the Notes up to, but not including, the applicable settlement date (\u201cAccrued Interest\u201d). Holders of any Notes that validly tender their Notes after the Early Tender Date but at or prior to the Expiration Date, will only be eligible to receive the Base Consideration plus Accrued Interest. Any Notes tendered pursuant to the Tender Offer may be withdrawn at or prior to, but not after, 5:00 p.m. New York City time, on December 11, 2020 (such date and time, as may be extended, the \u201cWithdrawal Deadline\u201d). The settlement date for Notes that are tendered on or prior to the Early Tender Date is expected to be December 15, 2020, the second business day following the Early Tender Date. The settlement date for Notes that are tendered following the Early Tender Date but on or prior to the Expiration Date is expected to be December 30, 2020, the second business day following the Expiration Date.<\/p>\n<p align=\"justify\">If any Notes are validly tendered and the principal amount of such tendered Notes exceeds the Tender Cap, any principal amount of the Notes accepted for payment and purchased, on the terms and subject to the conditions of the Tender Offer, will be prorated based on the principal amount of validly tendered Notes, subject to the Tender Cap and any prior purchase of Notes on any Early Settlement Date as described below.<\/p>\n<p align=\"justify\">Any Notes that are validly tendered at or prior to the Early Tender Date (and not validly withdrawn at or prior to the Withdrawal Deadline) will have priority over any Notes that are validly tendered after the Early Tender Date. Accordingly, if the principal amount of any Notes validly tendered at or prior to the Early Tender Date (and not validly withdrawn at or prior to the Withdrawal Deadline) equals or exceeds the Tender Cap, no Notes validly tendered after the Early Tender Date will be accepted for purchase.<\/p>\n<p align=\"justify\">The Company reserves the right, but is under no obligation, on any day following the Early Tender Date and prior to the Expiration Date (any such day, an \u201cEarly Settlement Date\u201d), to accept for purchase and payment, or to purchase and pay for, any Notes validly tendered prior to such Early Settlement Date (and not withdrawn at or prior to the Withdrawal Deadline), subject to satisfaction or, as applicable, waiver of the conditions to the Tender Offer.<\/p>\n<p align=\"justify\">The Company reserves the right, subject to applicable law, to (i) waive any and all conditions to the Tender Offer, (ii) extend the Early Tender Date, the Withdrawal Deadline or the Expiration Date or terminate the Tender Offer, (iii) increase or decrease the Tender Cap, or (iv) otherwise amend the Tender Offer, in any respect, including to change the consideration offered.<\/p>\n<p align=\"justify\">The Company\u2019s obligation to accept for purchase and to pay for any Notes validly tendered in the Tender Offer is subject to the satisfaction or, as applicable, waiver of certain conditions, as more fully described in the Offer to Purchase.<\/p>\n<p align=\"justify\">J.P. Morgan Securities LLC is acting as dealer manager for the Tender Offer. Questions regarding the Tender Offer may be directed to J.P. Morgan Securities LLC toll-free at 1-866-834-4666 or collect at 1-212-834-4087.<\/p>\n<p align=\"justify\">D.F. King &amp; Co., Inc. is acting as tender and information agent for the Tender Offer. Requests for copies of the Offer to Purchase may be directed to D.F. King &amp; Co., Inc. at (212) 269-5550 (banks and brokers), (800) 591-6313 or email at championx@dfking.com.<\/p>\n<p align=\"justify\">This press release is for informational purposes only and does not constitute an offer to purchase or the solicitation of an offer to sell any Notes. The Tender Offer is not being made in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. No recommendation is made as to whether or not holders of any Notes should tender their Notes pursuant to the Tender Offer. The Tender Offer is being made solely pursuant to the Offer to Purchase, which more fully sets forth and governs the terms and conditions of the Tender Offer. The Offer to Purchase contains important information and should be read carefully before any decision is made with respect to the Tender Offer.<\/p>\n<p align=\"both\">\n        <strong>About ChampionX<\/strong>\n      <\/p>\n<p align=\"justify\">ChampionX (formerly known as Apergy Corporation) is a global leader in chemistry solutions and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely and efficiently around the world. ChampionX\u2019s products provide efficient functioning throughout the lifecycle of a well with a focus on the production phase of wells.<\/p>\n<p align=\"justify\">\n        <strong>Forward-Looking Statements<\/strong>\n      <\/p>\n<p align=\"justify\">This news release contains statements relating to future actions and results, which are &#8220;forward-looking statements&#8221; within the meaning of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements relate to, among other things, ChampionX&#8217;s market position and growth opportunities. Forward-looking statements include, statements related to ChampionX\u2019s expectations regarding the performance of the business, financial results, liquidity and capital resources of ChampionX. Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from current expectations, including, but not limited to, (1) demand for ChampionX\u2019s products and services, which is affected by the price and demand for crude oil and natural gas, (2) ChampionX\u2019s ability to successfully compete in its industry, (3) ChampionX\u2019s ability to develop and implement new products and technologies, and protect and maintain critical intellectual property assets, (4) cost inflation and availability of raw materials, (5) evolving legal, regulatory, tax and tariff policies and regimes, (6) potential liabilities arising out of the installation and use of ChampionX\u2019s products, (7) continuing consolidation within ChampionX\u2019s customers\u2019 industry, (8) a failure of ChampionX\u2019s information technology infrastructure or any significant breach of cyber security, (9) risks relating to ChampionX\u2019s international operations and expansion into new geographic markets, including disruptions in the political, regulatory, economic and social conditions of those countries, (10) failure to attract, retain and develop key management, (11) credit risks, including bankruptcies among ChampionX\u2019s customer base or the loss of significant customers, (12) dependence on joint venture and other local partners, (13) deterioration in future expected profitability or cash flows and its effect on ChampionX\u2019s goodwill, (14) risks relating to improper conduct by any of ChampionX\u2019s employees, agents or business partners, (15) fluctuations in currency markets, (16) the impact of natural disasters and pandemics, (17) changes in industry-specific conditions, including changes in production by OPEC, (18) the level of ChampionX\u2019s indebtedness, (19) ChampionX\u2019s ability to remediate the material weaknesses in internal control over financial reporting, (20) ChampionX\u2019s ability to realize the anticipated cost synergies and growth opportunities from the merger of Apergy Corporation (\u201cApergy\u201d) and ChampionX Holding Inc. (the \u201cMerger\u201d), (21) challenges in integrating the businesses of legacy Apergy and legacy ChampionX, (22) tax liabilities that could arise as a result of the Merger, (23) ChampionX\u2019s ability to successfully replace the corporate services and financial strength legacy ChampionX received from Ecolab Inc. (\u201cEcolab\u201d), (24) limitations on ChampionX\u2019s ability to engage in certain transactions and certain activities competitive with Ecolab, and (25) other risk factors detailed from time to time in ChampionX\u2019s reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on ChampionX\u2019s forward-looking statements. Forward-looking statements speak only as of the day they are made and ChampionX undertakes no obligation to update any forward-looking statement, except as required by applicable law.<\/p>\n<p>Investor Contact: Byron Pope<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Jy7VToGh-5pUZVPBupxDVYm9OqTM7WmGpCxihi4lZWEk-BgPWhiiMuS9Mg6lGIqPP8d2YEv5sJ0e20sWyKTg7kjMUHnz6yjiiJmjDSL91Fs=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">byron.pope@championx.com<\/a><br \/>281-602-0094<\/p>\n<p>Media Contact: John Breed<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=f9yFBzWmlvraDP120z_3-0E9XhPWOI2e30eFWJpzz_Q1Rq3oqAghSocE4j-5RVyaQni98dRHOdAK-J-k1zk0Og2jBsaKfYX3aHwtz39wEL4=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">john.breed@championx.com<\/a><br \/>281-403-5751<\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA5NDI0MCMzODQ4OTQ4IzIxMDAxMTE=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/53b57ebb-8e58-48a1-a805-1a20ae5e91e1\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>THE WOODLANDS, Texas, Nov. 30, 2020 (GLOBE NEWSWIRE) &#8212; ChampionX Corporation (NYSE: CHX) (the \u201cCompany\u201d or \u201cChampionX\u201d) announced today the commencement of a cash tender offer (the \u201cTender Offer\u201d) to purchase its 6.375% Senior Notes due 2026 (the \u201cNotes\u201d) in a principal amount of up to $100,000,000 (the \u201cTender Cap\u201d), as described in the table below: Title of Security CUSIP Number Principal Amount Outstanding Tender Cap Base Consideration (1)(2) Early Tender Premium (1) Total Consideration (1)(2) 6.375%Senior Notes due 2026 03755LAC8 $300,000,000 $100,000,000 $980.00 $30.00 $1,010.00 (1)\u00a0 Per $1,000 principal amount of Notes. (2)\u00a0 Excludes Accrued Interest (as defined below), which will be paid in addition to the Base Consideration or the Total\u00a0Consideration, as applicable. Certain Information Regarding the Tender &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/championx-corporation-announces-tender-offer-for-6-375-senior-notes-due-2026\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;ChampionX Corporation Announces Tender Offer for 6.375% Senior Notes due 2026&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-390094","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ChampionX Corporation Announces Tender Offer for 6.375% Senior Notes due 2026 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/championx-corporation-announces-tender-offer-for-6-375-senior-notes-due-2026\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ChampionX Corporation Announces Tender Offer for 6.375% Senior Notes due 2026 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"THE WOODLANDS, Texas, Nov. 30, 2020 (GLOBE NEWSWIRE) &#8212; ChampionX Corporation (NYSE: CHX) (the \u201cCompany\u201d or \u201cChampionX\u201d) announced today the commencement of a cash tender offer (the \u201cTender Offer\u201d) to purchase its 6.375% Senior Notes due 2026 (the \u201cNotes\u201d) in a principal amount of up to $100,000,000 (the \u201cTender Cap\u201d), as described in the table below: Title of Security CUSIP Number Principal Amount Outstanding Tender Cap Base Consideration (1)(2) Early Tender Premium (1) Total Consideration (1)(2) 6.375%Senior Notes due 2026 03755LAC8 $300,000,000 $100,000,000 $980.00 $30.00 $1,010.00 (1)\u00a0 Per $1,000 principal amount of Notes. (2)\u00a0 Excludes Accrued Interest (as defined below), which will be paid in addition to the Base Consideration or the Total\u00a0Consideration, as applicable. 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(2)\u00a0 Excludes Accrued Interest (as defined below), which will be paid in addition to the Base Consideration or the Total\u00a0Consideration, as applicable. 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