PolyOne Corp., a plastics and resins maker, said Friday that its debt holders have so far agreed to tender notes with $256 million in aggregate principal under a tender offer covering $280 million outstanding 8.875 percent senior notes due 2012.
The $256 million is the amount tendered by the offer's early tender date, at Thursday's close of business. On Friday, PolyOne accepted for payment all the notes tendered during the offer's early period.
The offer was announced Sept. 10 and expires Oct. 8, unless extended or terminated earlier.
The Cleveland-based company intends to fund its purchase of the notes by using a portion of the net proceeds from its recently completed $360 million senior notes offering.
Shares of PolyOne rose 48 cents, or about 4.3 percent, to $11.74 in afternoon trading.