Invista acquisition financing changed; bond deal decreased to $575 million

By Paul A. Harris and Sara Rosenberg

St. Louis, April 1 - Invista has downsized its pending issue of eight-year guaranteed unsecured notes (B1) to $575 million from $1.2 billion, market sources told Prospect News on Thursday.

JP Morgan and Deutsche Bank Securities will run the books, although timing on the bond deal remains to be determined.

Invista increased the size of its credit facility to $2.05 billion from $1.8 billion.

The financing will be used to support the $4.4 billion acquisition of Invista (formerly DuPont Textiles & Interiors) by subsidiaries of Koch Industries, KED Fiber Ltd. and KED Fiber LLC.

Koch will contribute $2.2 billion of equity.

Invista is a Wilmington, Del., integrated fiber and intermediates business.

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