Element Solutions plans incremental debt for Coventya purchase

By Sara Rosenberg

New York, June 11 – Element Solutions Inc. plans on using incremental debt financing and cash on hand to fund its acquisition of Coventya Holding SAS for about €420 million, including the assumption or repayment of debt, subject to certain adjustments, according to a news release.

Closing is anticipated late in the third quarter or in the fourth quarter, subject to regulatory approvals, completion of required employee consultation procedures and other customary conditions.

Pro forma net leverage is expected to remain at or below 3x at year-end 2021.

Element Solutions is a Fort Lauderdale, Fla.-based diversified specialty chemicals company. Coventya is a France-based provider of specialty chemicals for the surface finishing industry.

© 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.