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Orica Chemicals to launch A$500 million U.S. equivalent loan Thursday
By Sara Rosenberg
New York, Jan. 13 – Orica Chemicals is scheduled to hold a bank meeting on Thursday to launch a A$500 million U.S. dollar equivalent term loan, according to a market source.
J.P. Morgan Securities LLC is the lead bank on the deal.
Proceeds will be used to help fund the buyout of the company by Blackstone from Orica Ltd. for A$750 million.
The sale includes the chemicals trading businesses in Australia, New Zealand and Latin America and the Australian Chloralkali manufacturing business. It also includes Bronson & Jacobs, which is a supplier to the food & nutrition and health & personal care industries in Australia, New Zealand and Asia.
Closing is expected this quarter, subject to Australian Foreign Investment Review Board and New Zealand Overseas Investment Office approval and other customary conditions.
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