01.22.16
Kraton Polymers LLC has completed the previously announced purchase of all of the outstanding shares of capital stock of Arizona Chemical Holdings Corporation. Arizona is one of the largest global providers of pine-based specialty chemicals.
The $1,370 million cash purchase price for the acquisition, which is subject to adjustment for cash, indebtedness, working capital, and other items, as well as the previously announced cash tender offer and redemption of all of the Company's outstanding 6.75% Senior Notes due 2019 and related acquisition and financing expenses were funded through the following transactions:
The $1,370 million cash purchase price for the acquisition, which is subject to adjustment for cash, indebtedness, working capital, and other items, as well as the previously announced cash tender offer and redemption of all of the Company's outstanding 6.75% Senior Notes due 2019 and related acquisition and financing expenses were funded through the following transactions:
- A private offering of $440 million in aggregate principal amount of 10.500% Senior Notes, which were issued at a price of 96.225% and mature on April 15, 2023,
- A $1,350 million six year senior secured first lien term loan facility, which was issued at a price of 97.000% and will bear interest at LIBOR plus 500 basis points, subject to a LIBOR floor of 100 basis points,
- A new $250 million five-year asset-based revolving credit facility, $37 million of which was drawn at closing, which replaced the Company's former senior secured credit facilities.
