Styron to launch $800 million in term loan debt, revolver on Monday

By Sara Rosenberg

New York, May 21 - Styron will be holding a bank meeting on Monday to launch $800 million in term loan debt and a new revolver, the size of which is still to be determined, according to sources.

Deutsche Bank, Barclays and HSBC are the lead banks on the deal, with Deutsche the left lead.

Proceeds will be used to help fund the acquisition of the company by Bain Capital from Dow Chemical for $1.63 billion.

As part of the buyout agreement, Dow Chemical has an option to receive up to 15% of the equity of Styron as part of the sale consideration.

The transaction is expected to close by August, subject to the completion of customary conditions and regulatory approvals.

Styron is a diversified chemicals and plastics company that is expected to have $3.5 billion in revenue based on 2009.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.