Business Wire

IFF Announces Pricing of Common Stock and Tangible Equity Unit Offerings

Jaa

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 previously announced public offering of 11,516,315 shares of its common stock at $130.25 per share and that it has priced its previously announced concurrent offering of 15,000,000 of its 6.00% tangible equity units at $50.00 per unit (equal to the stated amount per unit). The common stock offering and tangible equity unit offering are separate public offerings made by means of separate prospectus supplements under IFF’s effective shelf registration statement and are not contingent on each other or upon the consummation of the merger discussed below. IFF's common stock is listed on the New York Stock Exchange and Euronext Paris under the symbol “IFF,” and IFF intends to apply to list the tangible equity units on the New York Stock Exchange under the symbol “IFFT.” IFF anticipates that each offering will close on September 17, 2018, subject to customary closing conditions.

IFF has granted the underwriters in the common stock offering a 30-day option to purchase up to an additional 1,151,632 shares of its common stock. IFF has also granted the underwriters in the tangible equity unit offering a 30-day option to purchase up to an additional 1,500,000 tangible equity units, solely to cover over-allotments, if any.

Each tangible equity unit is comprised of a prepaid stock purchase contract and a senior amortizing note due September 15, 2021, each issued by IFF. Unless earlier redeemed or settled, each purchase contract will automatically settle on September 15, 2021 (subject to postponement in certain limited circumstances), and IFF will deliver between 0.3134 and 0.3839 shares of common stock per purchase contract, subject to adjustment, based upon the applicable market value of the common stock, as described in the final prospectus supplement relating to the tangible equity unit offering. Each amortizing note will have an initial principal amount of $8.45436, will bear interest at a rate of 3.79% per annum and will have a final installment payment date of September 15, 2021. On each March 15, June 15, September 15 and December 15, commencing on December 15, 2018, IFF will pay equal quarterly cash installments of $0.75000 per amortizing note (except for the December 15, 2018 installment payment, which will be $0.73333 per amortizing note), which will constitute a payment of interest and a partial repayment of principal, and which cash payment in the aggregate per year will be equivalent to 6.00% per year with respect to each $50 stated amount of tangible equity units. The amortizing notes will be the senior unsecured obligations of IFF.

IFF expects the net proceeds from the common stock offering to be approximately $1,456 million (or up to $1,602 million if the underwriters for the common stock offering exercise their option to purchase additional shares of IFF’s common stock) and expects the net proceeds from the tangible equity unit offering to be approximately $726 million (or up to $799 million if the underwriters for the tangible equity unit offering exercise their over-allotment option), in each case after deducting underwriting discounts and commissions and estimated expenses. IFF intends to use the net proceeds from these offerings, together with borrowings under new term loans, additional debt financing and cash on hand, to finance the previously announced merger with Frutarom Industries Ltd. and to pay related fees and expenses. If for any reason the merger is not consummated, then IFF intends to use the net proceeds from these offerings for general corporate purposes.

Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are acting as joint book-running managers for the common stock offering and for the tangible equity unit offering. BNP Paribas Securities Corp. is acting as senior lead manager and Citizens Capital Markets, Inc., ING Financial Markets LLC, MUFG Securities Americas Inc., Wells Fargo Securities, LLC and HSBC Securities (USA) Inc. are acting as co-managers for the common stock and the tangible equity offerings. BTIG, LLC is also acting as a co-manager for the common stock offering and U.S. Bancorp Investments, Inc. and Standard Chartered Bank are also acting as co-managers for the tangible equity unit offering. The offerings of common stock and tangible equity units (including the component stock purchase contracts and senior amortizing notes) are being made pursuant to an effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission (“SEC”). Each offering may only be made by means of the prospectus supplement relating to such offering and the accompanying prospectus. Copies of the prospectus supplement for each 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; 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 Solutions 1155 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 offerings described, the anticipated use of proceeds from the offerings 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.

Contact information

International Flavors & Fragrances Inc.
Michael DeVeau, 212-708-7164
VP, Global Corporate Strategy, Investor Relations & Communications
Michael.DeVeau@iff.com

Tietoja julkaisijasta

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Tilaa tiedotteet sähköpostiisi

Haluatko tietää asioista ensimmäisten joukossa? Kun tilaat mediatiedotteemme, saat ne sähköpostiisi välittömästi julkaisuhetkellä. Tilauksen voit halutessasi perua milloin tahansa.

Lue lisää julkaisijalta Business Wire

American Airlines Announces Nonstop Philadelphia (PHL) to Orlando Melbourne (MLB)22.9.2018 01:13Tiedote

Glorious beaches by day and theme park fireworks by night just got more convenient for Philadelphia travelers. American Airlines announced today that it will begin nonstop flights to Orlando Melbourne International Airport (MLB) starting February 16, 2019. The Central Florida airport is conveniently located in the heart of the tourism region and is the closest airport to NASA rocket launches, Port Canaveral’s cruises and what critics call “some of the most beautiful beaches Florida has to offer.” The flights will depart Saturdays from Philadelphia at 8:05 a.m., arriving in Florida at 10:48 a.m. The Embraer 175 jet arrival time syncs perfectly with cruise ship noon early boarding. Melbourne Airport Express offers nonstop shuttle service to the port, and all major rental car companies are onsite. The return flight to PHL departs at 11:24 a.m. and arrives in PHL at 1:55 p.m., with enough time to connect to some of American’s largest international destinations, including recently announced

Amy Palladino Joins BCW as Executive Vice President, Managing Director, Corporate Practice21.9.2018 20:43Tiedote

BCW (Burson Cohn & Wolfe), a leading global communications agency, today announced that Amy Palladino has joined the agency as Executive Vice President, Managing Director in the agency’s U.S. Corporate Practice. Based in New York, Palladino will focus on senior client counsel and executive positioning for the agency’s largest corporate clients. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180921005507/en/ Amy Palladino Joins BCW (Burson Cohn & Wolfe) “Amy is a talented and highly experienced communications executive with a track record of solving clients’ complex challenges and building business through smart, integrated communications approaches,” said Chris Foster, President, North America, BCW. “Her creativity and judgement will be enormously valuable to our current and prospective clients.” Palladino has more than 20 years of experience advising global clients across numerous industries, including technology, healthcar

Heidelberg Engineering Announces the CE-Marking of ANTERION21.9.2018 19:41Tiedote

Heidelberg Engineering, the leader in diagnostic imaging known for the internationally-acclaimed SPECTRALIS ® retina and glaucoma platform, announces the CE-marking of ANTERION ® – an innovative platform designed to transform anterior segment diagnostics and workflow. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180921005442/en/ The new Heidelberg Engineering ANTERION® provides the most important anterior segment examinations and measurements in one modular, upgradeable platform. (Graphic: Business Wire) The new ANTERION provides the most important anterior segment examinations and measurements in one modular, upgradeable platform. It is a single, workflow-efficient solution that brings together corneal topography and tomography, anterior segment metrics, axial length measurement and IOL calculation to transform the day-to-day routine of busy practices and clinics. Heidelberg Engineering has leveraged its core OCT technolo

Florian Winterstein Becomes New CEO of Jedox21.9.2018 18:46Tiedote

The supervisory board of Jedox AG, a leading vendor of business intelligence and enterprise planning software, has appointed Florian Winterstein as Chief Executive Officer (CEO) effective October 2, 2018. This nomination will support Jedox’s international growth and a new development phase initiated by its latest fund raising in April 2018 with Iris Capital, eCAPITAL entrepreneurial Partners AG and Wecken & Cie. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180921005416/en/ Florian Winterstein (Photo: Business Wire) With 25 years of experience in strategy consulting and leadership in software and service organizations, Winterstein brings to the company a valuable combination of expertise in cloud solutions, business development, and value creation for customers and partners. As former Chief Strategy Officer of BravoSolution, he positioned the software-as-a-service company as trendsetting digitalization partner, extending it

Avinor to Test Autonomous Snowploughs at Oslo Airport This Winter21.9.2018 17:37Tiedote

Since 2010 Avinor has had a vision and a desire to automate winter maintenance. In March autonomous snow clearing was demonstrated at Fagernes Airport, and this winter Avinor is taking this a step further by testing two autonomous snowploughs at Oslo Airport. The project is one of the first globally where large machinery will operate autonomously to keep snow away from airport areas. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180921005363/en/ Avinor to Test Autonomous Snowploughs at Oslo Airport This Winter (Photo: Business Wire) “Innovation is important to Avinor. In the future, many tasks in aviation will be resolved in other ways than today. Avinor wants to test autonomy, and does of course see a potential for rationalization in the future through new solutions for winter operations and in other areas. Avinor is at the forefront of testing this technology, but it is essential that safety is ensured in all such testing

Takeda Receives Positive CHMP Opinion Recommending ALUNBRIG® (brigatinib) for the Treatment of ALK+ Non-Small Cell Lung Cancer in Patients Previously Treated with Crizotinib21.9.2018 16:30Tiedote

Takeda Pharmaceutical Company Limited (TSE: 4502) today announced that the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use (CHMP) has adopted a positive opinion, recommending the full approval of ALUNBRIG® (brigatinib) as a monotherapy for the treatment of adult patients with anaplastic lymphoma kinase-positive (ALK+) advanced non-small cell lung cancer (NSCLC) previously treated with crizotinib. ALUNBRIG is a tyrosine kinase inhibitor (TKI) designed to target and inhibit the ALK mutation in NSCLC. Approximately three to five percent of NSCLC patients globally have the ALK mutation. If the CHMP opinion is affirmed, and the European Commission approves ALUNBRIG, it will become the only ALK inhibitor available in the European Union as a one tablet per day dose that can be taken with or without food. The randomized, global Phase 2 ALTA trial was designed to investigate the efficacy and safety of ALUNBRIG in patients with locally advanced or metastatic ALK+

Uutishuoneessa voit lukea tiedotteitamme ja muuta julkaisemaamme materiaalia. Löydät sieltä niin yhteyshenkilöidemme tiedot kuin vapaasti julkaistavissa olevia kuvia ja videoita. Uutishuoneessa voit nähdä myös sosiaalisen median sisältöjä. Kaikki STT Infossa julkaistu materiaali on vapaasti median käytettävissä.

Tutustu uutishuoneeseemme