Standard Industries Holdings plans $3.91 billion of debt financing for W.R. Grace buy

By Sara Rosenberg

New York, May 24 – Standard Industries Holdings Inc. has received a commitment for $2.95 billion of senior secured credit facilities and a $955 million senior unsecured bridge credit facility to help fund its acquisition of W.R. Grace & Co., according to a PREM14A filed with the Securities and Exchange Commission on Monday.

The credit facilities consist of a $450 million revolver and a $2.5 billion term loan B.

JPMorgan Chase Bank, BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. provided the debt commitment.

Under the agreement, W.R Grace is being bought for $70.00 per share in cash. The transaction is valued at about $7 billion.

Closing is expected in the fourth quarter, subject to customary conditions, including approval by W.R. Grace shareholders and the receipt of regulatory approvals.

W.R. Grace will operate as a stand-alone company within the portfolio of Standard Industries Holdings.

Standard Industries is a New York-based industrial company. W.R. Grace is a Columbia, Md.-based specialty chemical company.

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