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Arizona Chemical targeting next week to launch LBO credit facility
By Sara Rosenberg
New York, Jan. 22 - Arizona Chemical is targeting the week of Jan. 29 to hold a bank meeting for its proposed credit facility, according to a market source.
Goldman Sachs is the left lead bank on the deal.
Proceeds will be used to help fund Rhone Capital III LP's buyout of the company 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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