Dynea to launch $270 million credit facility on Nov. 29

By Sara Rosenberg

New York, Nov. 21 - Dynea North America is scheduled to hold a bank meeting on Nov. 29 in New York to launch its proposed $270 million credit facility, according to a market source.

UBS is the bookrunner on the deal.

The facility consists of a $20 million five-year revolver and a $250 million seven-year term loan, with both tranches talked at Libor plus 225 basis points, the source said.

The term loan is divided into a $227 million U.S. piece and a $23 million Canadian piece.

Proceeds from the credit facility, along with $132 million of equity, will be used to help fund Teachers' Private Capital's acquisition of Dynea North America from Dynea Chemicals Oy of Finland.

Dynea North America is a Mississauga, Canada, manufacturer of adhesive resins and overlay products used in high performance adhesion and surfacing applications.

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