Orion Engineered to launch €780 million credit facility to investors

By Sara Rosenberg

New York, July 22 – Orion Engineered Carbons will hold a bank meeting in New York on Friday and one in London on Monday to launch a €780 million senior secured credit facility, according to a market source.

Goldman Sachs Bank USA and UBS AG are the joint global coordinators and joint bookrunners on the deal, Barclays, J.P. Morgan and Morgan Stanley are joint bookrunners, and DZ Bank AG, Fifth Third Bank, HSBC Bank and Mediobanca S.p.A are mandated lead arrangers.

The facility consists of a €115 million five-year revolver and a €665 million seven-year term loan, the source said.

Of the total term loan amount, about €265 million will be U.S. dollar equivalent.

Proceeds will be used to refinance existing debt, including the company’s €284 million of 10% senior secured notes due 2018 and $280 million of 9 5/8% senior secured notes due 2018.

The credit facility is being done in connection with the company’s initial public offering of common shares.

Orion Engineered Carbons is a Frankfurt, Germany-based supplier of Carbon Black.

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