Arteva/Invista to offer $1.2 billion of eight-year notes

By Paul A. Harris

St. Louis, March 11 - Arteva Specialties and Invista are expected to offer $1.2 billion of eight-year guaranteed senior unsecured notes (B1), market sources said.

Timing on the deal remains to be determined.

JP Morgan has the bookrunning mandate on the bond deal, according to the sources.

The company will also obtain a $1.8 billion credit facility.

Proceeds, in addition to $2.2 billion in equity, will be used to fund 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 combine its KoSa business, KED and the DuPont business into Invista.

Invista, which is based in Wichita, Kan., produces chemical intermediates, polymers and fibers for use in the manufacture of nylon, spandex, and polyester products.

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