Hilo Group plans new debt financing for buyout by H.I.G. Capital

By Sara Rosenberg

New York, Aug. 12 – Hilo Group Buyer LLC (Avient Distribution) has received a commitment for debt financing to help fund its acquisition by H.I.G. Capital, according to an 8-K filed with the Securities and Exchange Commission on Friday.

Other funds for the transaction will come from equity.

Under the agreement, the distribution business is being bought from Avient Corp. for $950 million in cash, subject to a customary working capital adjustment.

Closing is conditioned on regulatory requirements and other customary conditions.

Avient will use the after-tax proceeds of about $750 million from the sale to pay down near-term maturing debt.

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