IPS readies launch of $420 million in term loans for Nov. 10

By Sara Rosenberg

New York, Nov. 3 – IPS Corp. is scheduled to hold a bank meeting on the morning of Nov. 10 to launch $420 million in term loans, according to a market source.

Jefferies Finance LLC is the lead on the deal.

The debt consists of a $310 million seven-year first-lien term loan and a $110 million eight-year second-lien term loan, the source said.

Proceeds will be used to refinance existing debt and fund a dividend.

IPS, a portfolio company of Nautic Partners LLC, is a Compton, Calif.-based manufacturer of solvent cements, primers and sealants, plumbing and roofing products, and structural and assembly adhesives.

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