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Myers Industries buyout on track to close in fourth quarter
By Lisa Kerner
Charlotte, N.C., Nov. 30 - Myers Industries, Inc. said despite market rumors to the contrary, its proposed buyout by GS Capital Partners IV, LP is still slated to close in the fourth quarter.
GS Capital, a Goldman Sachs affiliate, has not given Myers any indication that it does not intend to close the $1.1 billion transaction, according to a company news release.
Under the companies' merger agreement, GS Capital will acquire Myers for $22.50 cash per share.
Myers said it does not typically respond to market rumors and does not plan to comment further on the matter.
It was previously reported that the merger would close no later than Dec. 15 rather than in the third quarter as originally planned. The debt financing marketing period had been extended due to conditions in the credit markets.
Myers is planning on getting a new $685 million senior secured credit facility (Ba3/B+) and a $265 million offering of 10-year senior subordinated notes (B3/CCC+) to help fund the transaction, according to a prior news release. The credit facility, launched with a bank meeting on July 19 and then postponed on July 31, consists of a $535 million seven-year term loan and a $150 million six-year revolver.
Myers is an Akron, Ohio, manufacturer of polymer products for industrial, agricultural, automotive, commercial and consumer markets.
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