Arizona Chemical to pay down some bank borrowings with IPO proceeds

By Sara Rosenberg

New York, June 7 - Arizona Chemical Ltd. plans to repay some first- and second-lien bank debt with proceeds from an initial public offering of common shares, according to an S-1 filed with the Securities and Exchange Commission on Monday.

As of March 31, the company had $327.4 million of borrowings outstanding under its credit facility.

Remaining proceeds will be used to redeem certain preferred equity interests from the Rhône Funds for about $12 million and to pay a €5 million fee for the amendment of a management agreement.

Arizona Chemical is a Jacksonville, Fla.-based supplier of pine-based chemicals.

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