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Solenis markets $2.13 billion equivalent notes in two parts; talk emerges on dollar tranche
By Abigail W. Adams
Portland, Me., May 15 – Olympus Water US Holding Corp. (Solenis) started a roadshow on Monday for a $2.125 billion equivalent two-tranche offering of long five-year senior secured notes to back the acquisition of Diversey Holdings Ltd., according to a market source.
The offering includes a dollar tranche sized at $1.625 billion and a euro-denominated tranche equivalent to $500 million.
Early guidance for the dollar-denominated tranche is for a yield in the high 8% area.
The roadshow will run throughout the week with an investor call scheduled for Wednesday.
BofA Securities Inc. (lead left), Goldman Sachs & Co. LLC, BMO Capital Markets Corp., HSBC Securities (USA) Inc., Deutsche Bank Securities Inc., Citigroup Global Markets Inc. Macquarie Group Ltd. and Nomura Securities International Inc. are bookrunners for the Rule 144A and Regulation S for life offering.
The notes are non-callable for two years with the first call at par plus 50% of the coupon; 10% of the principal amount is subject to a special redemption at 103 during the non-call period.
There is a 101 poison put and an equity clawback of 40% during the non-call period.
Proceeds, in addition to a new term loan facility and approximately $2 billion of equity, will be used to finance the acquisition of Diversey and refinance Diversey’s existing debt.
Solenis, a Platinum Equity portfolio company, is a Wilmington, Del.-based manufacturer of specialty chemicals used in water-intensive industries. Diversey is a Fort Mill, S.C.-based provider of hygiene, infection prevention and cleaning solutions.
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