Versum Materials to launch new loan transaction on Friday morning

By Sara Rosenberg

New York, Sept. 7 – Versum Materials, LLC is scheduled to hold a bank meeting at 10:30 a.m. ET in New York on Friday to launch a new loan deal, according to a market source.

Citigroup Global Markets Inc. is the lead bank on the deal.

The company said in a 10-12B/A filed with the Securities and Exchange Commission on Wednesday that it plans on getting a $775 million senior secured credit facility, comprised of a $200 million five-year revolver and a $575 million seven-year term loan B, in connection with its spin-off from Air Products and Chemicals, Inc.

Proceeds from the debt will be used to help fund a distribution to Air Products.

The company also intends to distribute in-kind to Air Products up to $425 million in unsecured senior notes.

Versum Materials is a Tempe, Ariz.-based producer of critical materials, including high purity process materials, cleaners and etchants, slurries, organosilanes and organometallics, and equipment for the semiconductor and display industries.

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