Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers R > Headlines for Resolution Specialty Materials > News item |
JPMorgan, Bear Stearns to lead bank financing for Apollo acquisition of Eastman Chemical's businesses
By Sara Rosenberg
New York, June 1 - JPMorgan and Bear Stearns will be the lead arrangers, with JPMorgan listed on the left, on a new credit facility that will be used to help finance Apollo Management LP's acquisition of some businesses and product lines in Eastman Chemical Co.'s coatings, adhesives, specialty polymers and inks segment, according to an informed source.
In addition to the bank debt, equity will be used to fund the transaction as well, the source added.
The acquisition is valued at $215 million, including cash of $165 million at closing, plus a $50 million note payable to Eastman. Closing is targeted for prior to the end of July after regulatory approval and other customary closing conditions.
J.P. Morgan Securities Inc. acted as exclusive financial adviser to Eastman on this transaction.
© 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.