Univar starts roadshow for $1.8 billion seven-year secured notes; initial talk 8½% area

By Paul A. Harris

Portland, Ore., June 14 – Windsor Holdings III, LLC started a roadshow on Wednesday for a $1.8 billion offering of seven-year senior secured notes (B2/B+/BB+) to support the buyout of Univar Solutions Inc. by Apollo, according to market sources.

The deal, which was set to kick off on an investor conference call scheduled to begin at 1:30 p.m. ET on Wednesday, is in the market with initial talk in the 8½% area.

The Rule 144A and Regulation S for life notes come with three years of call protection.

J.P. Morgan Securities LLC, Apollo Global Securities LLC, BMO Capital Markets Corp., BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Fifth Third Securities Inc., HSBC Securities (USA) Inc., Mizuho Securities USA Inc., RBC Capital Markets LLC, TD Securities (USA) LLC and Wells Fargo Securities LLC are the joint bookrunners.

Proceeds plus $2.3 billion equivalent of term loans, a $500 million ABL revolver and sponsor equity will be used to help fund the acquisition of Univar, a Downers Grover, Ill.-based specialty chemical company, by Apollo for approximately $8.1 billion. The acquisition is expected to close during the second half of 2023.

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