Exhibit 99.1
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Contact:
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Laura
Ruiz
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804.788.6005
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Danielle Paquette
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804.788.6045
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Albemarle Announces Pricing of Common Stock and
Debt Offerings
RICHMOND, VA, January 14, 2005 — Albemarle
Corporation (NYSE: ALB) today announced the concurrent pricing on
January 13, 2005 of a public offering of 4,488,420 shares of its
common stock at a public offering price of $34 per share, and
$325.0 million 5.10% senior notes payable in 2015. The common stock
offering comprises 4,000,000 shares being sold by Albemarle
(4,673,000 shares if the option granted by the company to the
underwriters to cover over-allotments, if any, is fully exercised)
and an aggregate of 488,420 shares being sold by a member of the
family of F.D. Gottwald, Jr. and certain affiliates of the family.
Albemarle will not receive any proceeds from the sale of these
shares by the selling shareholders. The offerings are scheduled to
close on January 20, 2005.
The company intends to use the net proceeds from
these offerings to repay substantially all of the $450 million
364-day bridge loan that the company incurred in connection with
its acquisition of the refinery catalysts business of Akzo Nobel
N.V.
Bear, Stearns & Co. Inc., UBS Securities
LLC, and Banc of America Securities LLC are joint book-running
managers for both offerings. Fortis Securities LLC and BNY Capital
Markets, Inc. are co-managers for both offerings. In addition,
First Analysis Securities Corporation is a co-manager for
the
