Arizona Chemical LBO financing facility expected as January business

By Sara Rosenberg

New York, Jan. 4 - Arizona Chemical anticipates coming to market later this month with a new credit facility to help back its buyout by Rhone Capital III LP, according to a market source.

Goldman Sachs is the left lead bank on the deal.

Rhone is buying the Arizona Chemical business from International Paper for about $485 million.

As part of the transaction, International Paper will acquire a minority interest of about 10% in the acquisition vehicle to be formed by Rhone Capital.

The transaction is expected to close in the first quarter, subject to certain customary closing conditions.

Arizona Chemical is a Jacksonville, Fla., supplier of pine chemicals to the adhesives, inks and coatings and oleochemicals markets.

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