| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers O > Headlines for Olympus Water US Holding Corp. > News item |
Solenis sets talk for upsized $2.38 billion equivalent notes in two parts; pricing Wednesday
By Abigail W. Adams
Portland, Me., May 23 – Olympus Water US Holding Corp. (Solenis) set price talk for its upsized $2.375 billion equivalent two-tranche offering of long five-year senior secured notes (B3/B-) to back the acquisition of Diversey Holdings Ltd. with books scheduled to close at 9:30 a.m. ET on Wednesday, according to a market source.
The dollar-denominated tranche was upsized to $1.825 billion from $1.625 billion, with price talk in the 9¾% area.
The euro-denominated tranche was upsized to $550 million equivalent from $500 million equivalent, with price talk also in the 9¾% area.
Early guidance for both tranches was for a yield in the high 8% area.
BofA Securities Inc. (lead left), Goldman Sachs & Co. LLC, BMO Capital Markets Corp., HSBC Securities (USA) Inc., Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Macquarie Group Ltd. and Nomura Securities International Inc. are bookrunners for the Rule 144A and Regulation S for life offering.
The notes are non-callable for two years with the first call at par plus 50% of the coupon; 10% of the principal amount is subject to a special redemption at 103 during the non-call period.
There is a 101 poison put and an equity clawback of 40% during the non-call period.
Proceeds, in addition to a new term loan facility and approximately $2 billion of equity, will be used to finance the acquisition of Diversey and refinance Diversey’s existing debt.
Solenis, a Platinum Equity portfolio company, is a Wilmington, Del.-based manufacturer of specialty chemicals used in water-intensive industries. Diversey is a Fort Mill, S.C.-based provider of hygiene, infection prevention and cleaning solutions.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.