Dynea to launch $250 million credit facility on Thursday

By Sara Rosenberg

New York, June 12 - Dynea North America is scheduled to hold a bank meeting in New York on Thursday to launch its proposed $250 million senior secured credit facility, according to a market source.

UBS is the lead bank on the deal.

The facility consists of a $20 million five-year revolver, a $200 million seven-year first-lien term loan and a $30 million eight-year second-lien term loan, the source said.

Proceeds will be used to help fund Teachers' Private Capital's acquisition of Dynea North America from Dynea Chemicals Oy of Finland.

Late last year, Dynea was in market with the financing for this buyout, but the transaction had to be postponed due to some recalculations of certain financials of the company.

The credit facility that had been tabled in 2006 was sized at $245 million, consisting of a $225 million seven-year first-lien term loan and a $20 million five-year revolver, with both tranches talked at Libor plus 225 basis points.

Dynea North America is a Mississauga, Ont., manufacturer of adhesive resins and overlay products used in high-performance adhesion and surfacing applications.

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