Univar withdraws $750 million seven-year senior notes offering due to market conditions

By Paul A. Harris

Portland, Ore., May 23 - Univar Inc. withdrew its $750 million offering of seven-year senior notes (B3/B-) on Wednesday due to market conditions, according to a syndicate source.

Goldman Sachs & Co., Bank of America Merrill Lynch, Morgan Stanley & Co. LLC, Wells Fargo Securities LLC and Deutsche Bank Securities Inc. were the bookrunners.

The company also cited market conditions as it withdrew its proposed $750 million incremental term loan B.

Proceeds from the notes and loan had been designated to fund a distribution to shareholders and refinance debt.

Univar is a Redmond, Wash.-based distributor of industrial and specialty chemicals.

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