AkzoNobel Specialty to launch €5.12 billion equivalent term loans; bank meetings set

By Sara Rosenberg

New York, Aug. 31 – AkzoNobel Specialty Chemicals (Starfruit) is scheduled to hold a U.S. bank meeting at 10 a.m. ET on Thursday and a European bank meeting on Sept. 10 to launch €5,115,000,000 equivalent of seven-year term loan B debt, according to a market source.

Barclays, HSBC and J.P. Morgan Securities LLC are the joint global coordinators on the loans and sole physical on the U.S. piece. Credit Suisse, Deutsche Bank, Morgan Stanley, RBC, Citigroup, Nomura, UBS, BNP Paribas, Credit Agricole, Mizuho, MUFG, RBS, Societe Generale, PSP and Bank of China are the bookrunners. ABN Amro, Commerzbank, Rabobank, SEB, Bank of Ireland, Standard Chartered, ING and AIB are the mandated lead arrangers. JPMorgan is the administrative agent.

The debt is split between a €3,325,000,000 equivalent U.S. dollar term loan B and a €1.79 billion term loan B, the source said.

The term loans have 101 soft call protection for six months.

Proceeds will be used to help fund the buyout of AkzoNobel Specialty Chemicals by the Carlyle Group and GIC from AkzoNobel for an enterprise value of €10.1 billion.

Closing is expected before year-end, subject to regulatory approvals and other customary conditions.

AkzoNobel Specialty is a specialty chemicals company.

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