Solenis to launch $550 million equivalent term loan on Wednesday

By Sara Rosenberg

New York, Nov. 5 – Solenis Holdings LLC will hold a bank meeting in London on Wednesday to launch a fungible $550 million equivalent U.S. and euro incremental covenant-light first-lien term loan due June 26, 2025, according to a market source.

Bank of America Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Natixis, RBC Capital Markets, Macquarie Capital (USA) Inc. and ING are the bookrunners on the deal.

The term debt is split between a $170 million incremental term loan and a €330 million incremental term loan, the source said.

Proceeds will be used to fund the combination of Solenis with BASF’s paper and water chemicals business.

The maturity of the company’s existing first-lien term loans will spring to June 26, 2025 upon the closing of the combination.

Solenis is a Wilmington, Del.-based specialty chemicals provider serving the pulp & paper and water treatment industries.

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