Platform Specialty to launch $1.1 billion equivalent loan on Monday

By Sara Rosenberg

New York, Jan. 8 – Platform Specialty Products Corp./MacDermid Inc. will hold a bank meeting at 11 a.m. ET on Monday to launch its $1.1 billion U.S. dollar and euro non-fungible incremental covenant-light term loan due June 7, 2020, according to a market source.

Barclays, Credit Suisse Securities (USA) LLC, UBS AG and Nomura Securities International LLC are the bookrunners on the deal.

Proceeds will be used to help fund the acquisition of Arysta LifeScience Ltd. from the Permira Funds for about $3.51 billion.

Based on filings with the Securities and Exchange Commission late last year, other funds for the transaction are expected to come from $900 million of senior notes, $652 million of cash on hand, $600 million from Arysta seller financing and $350 million from a common stock offering.

Closing is expected this quarter, subject to regulatory approval.

Platform is a Miami-based specialty chemicals company. Arysta is a Tokyo-based provider of crop solutions with expertise in agrochemical and biological products.

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