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Axalta Coating to launch $450 million term loan on Monday morning
By Sara Rosenberg
New York, May 12 – Axalta Coating Systems U.S. Holdings Inc. is scheduled to hold a lender call at 10 a.m. ET on Monday to launch a $450 million seven-year covenant-light term loan, according to a market source.
Deutsche Bank Securities Inc. is the bookrunner on the deal.
The term loan includes 101 soft call protection for six months, the source said.
Proceeds will be used to help fund the acquisition of Valspar Corp.’s North American industrial wood coatings business for $420 million in cash.
Axalta is a Philadelphia-based manufacturer, marketer and distributor of high performance coatings systems.
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