Novolex sets roadshow for $500 million eight-year notes backing Waddington acquisition

By Paul A. Harris

Portland, Ore., June 22 – Flex Acquisition Holdings, Inc., doing business as Novolex, plans to roadshow a $500 million offering of eight-year senior notes (Caa1/CCC+) in the early part of the week ahead, according to a market source.

The deal is expected to price on Wednesday.

JP Morgan Securities LLC is the lead.

The notes come with three years of call protection.

Proceeds will be used to help fund the acquisition of the Waddington Group from Newell Brands Inc.

Novolex, a Carlyle portfolio company, is a Hartsville, S.C.-based packaging company that serves the retail, grocery, food service, hospitality, institutional and industrial markets. Waddington is a Covington, Ky.-based manufacturer and marketer of packaging and disposables serving the foodservice, bakery, deli, produce and confectionery markets.

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