Albemarle announces $1.75B depositary shares offering

Albemarle Corporation announced that, subject to market and other conditions, it has commenced an offering of $1.75B of depositary shares, each representing a 1/20th interest in a share of Series A mandatory convertible preferred stock of the company, in an underwritten registered public offering. Albemarle intends to use the net proceeds from the offering for general corporate purposes, which may include, among other uses, funding growth capital expenditures, such as the construction and expansion of lithium operations in Australia and China that are significantly progressed or near completion, and repaying the company’s outstanding commercial paper.