08:58 AM EST, 03/06/2024 (MT Newswires) -- Albemarle (ALB) said Wednesday that it has priced its earlier stated underwritten public offering of 40 million depositary shares at $50 apiece.

Each share represented a 1/20th interest in a share of Series A mandatory convertible preferred stock of Albemarle, the company said.

The company also said it has granted the underwriters a 30-day option to buy up to an additional 6 million depositary shares.

The offering, which is slated to be completed by Friday, represents an upsize to $2 billion from $1.75 billion of depositary shares announced previously.

The net proceeds from the offering will be roughly $1.94 billion and will be used for general corporate purposes, including for growth capital expenditures and repaying outstanding commercial paper, Albemarle said.

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