Valtris readies launch of $405 million in term loans for Thursday

By Sara Rosenberg

New York, June 12 – Valtris Specialty Chemicals (Polymer Additives Inc.) is scheduled to hold a bank meeting at 10 a.m. ET in New York on Thursday to launch $405 million in term loans, according to a market source.

Deutsche Bank Securities Inc. and RBC Capital Markets are the bookrunners on the deal.

The debt consists of a $300 million seven-year covenant-light first-lien term loan and a $105 million eight-year covenant-light second-lien term loan, the source said.

Proceeds will be used to fund the potential purchase of certain assets from Ineos, subject to regulatory approvals, and to refinance existing debt.

Commitments are due on June 28, the source added.

Valtris, an H.I.G. Capital portfolio company, is an Independence, Ohio-based manufacturer of specialty chemicals producing a diverse set of polymer modifiers, lubricants, and stabilizers primarily used as additives in the production of plastics.

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