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Windsor/Univar cuts seven-year secured notes to $1 billion, sets talk in 8½% area; pricing Thursday
By Paul A. Harris
Portland, Ore., June 21 – Windsor Holdings III, LLC downsized its offering of seven-year senior secured notes (B2/B+/BB+) to approximately $1 billion from $1.8 billion, shifting the proceeds to its concurrent term loan tranches, according to market sources.
The bonds, coming it support of the buyout of Univar Solutions Inc. by Apollo, is talked to yield in the 8½% area, on top of early guidance.
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.
With the downsizing of the bonds, the dollar-denominated term loan was upsized to approximately $2.25 billion from $1.75 billion and the euro term loan was upsized to approximately $850 million euro equivalent from $550 million euro equivalent.
The buyout financing is set to price on Thursday.
All of the bond and loan tranches were talked in approximate sizes because proceeds might still be shifted among them, a bond trader said on Wednesday.
Proceeds from the bonds and 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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