Kraton Polymers bank meeting expected early December

By Sara Rosenberg

New York, Nov. 21 - Kraton Polymers Group's proposed credit facility is expected to hit the primary bank loan market in early December, possibly as soon as Dec. 2, although timing is still fluid, according to sources.

UBS Securities and Goldman Sachs are the joint lead arrangers on the bank deal.

Proceeds from the loan, combined with proceeds from a bond offering that is being led by UBS and Goldman as well, will be used to help support the company's leveraged buyout by Texas Pacific Group from Ripplewood Holdings LLC

Sizes on the two debt offerings are still to be determined, the source added.

Under the acquisition agreement, Kraton is attributed a total enterprise value of $770 million. The transaction is expected to close by year end.

UBS Investment Bank acted as merger adviser to Texas Pacific Group. Morgan Stanley and Credit Suisse First Boston served as financial advisers to Ripplewood.

Kraton is a Houston specialty chemicals company and a producer of styrenic block copolymers.

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