Ingevity draws on revolver, term loan in connection with spinoff

By Wendy Van Sickle

Columbus, Ohio, May 16 – Ingevity Corp. borrowed $200 million of senior secured revolving loans on Friday in connection with its spinoff from WestRock Co., according to an 8-K filing with Securities and Exchange Commission.

Proceeds, along with the proceeds of Ingevity’s May 9 draw of $300 million of term loans under the credit agreement and cash on hand, were used to pay a $266,417,761 distribution to WestRock, to fund a trust in the amount of $68.9 million for the repayment of certain obligations of Ingevity and WestRock and for general corporate purposes.

The credit agreement is dated March 7 with Wells Fargo Bank, NA as administrative agent.

Under the spinoff, WestRock transferred its specialty chemicals business to Ingevity, which is now an independent public company with its common stock listed under the symbol “NGVT” on the New York Stock Exchange.

WestRock is a packaging company based in Richmond, Va. Ingevity’s headquarters are in North Charleston, S.C.

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