S&B acquisition will trigger change of control for 9¼% notes due 2020

By Angela McDaniels

Tacoma, Wash., Nov. 10 – S&B Industrial Minerals SA has agreed to be acquired by Imersys SA, which will constitute a change of control under the indenture governing S&B Minerals Finance SCA’s 9¼% senior secured notes due 2020 and its revolving credit facility, according to a company news release.

Imerys will pay roughly €311 million in cash and €214 million in Imerys shares.

The acquisition is subject to regulatory approval and is expected to be completed during the first quarter of 2015.

S&B’s bauxite activities and some real estate assets in Greece will not be included in the acquisition and will continue to be held by S&B’s current shareholders on an independent basis.

S&B Industrial Minerals is a minerals and materials group based in Athens. Imerys is based in Paris and provides mineral-based specialty solutions for industry.

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