Advanced Drainage eyes new senior notes for Infiltrator Water merger

By Cristal Cody

Tupelo, Miss., Sept. 6 – Advanced Drainage Systems, Inc. plans to price new senior notes, a source said Friday.

Proceeds will be used, together with proceeds from $1.05 billion of credit facilities and a recent equity offering, to fund the company’s $1.08 billion acquisition of Infiltrator Water Technologies, LLC.

Advanced Drainage Systems intends to issue a $700 million first-lien term loan and a $350 million five-year revolving credit facility as part of the funding requirements.

Barclays, Morgan Stanley & Co. LLC, BofA Securities, Inc., PNC Capital Markets LLC, BMO Capital Markets Corp., Fifth Third Securities and HSBC are the lead arrangers on the credit facilities.

A bank meeting is set for Monday to launch the credit facilities.

Advanced Drainage Systems is a Hilliard, Ohio-based manufacturer of plastic corrugated pipes and other drainage products.

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