Apollo has financing commitments for purchase of Tyco plastics and adhesives

New York, Dec. 20 - Apollo Management, LP said it has financing commitments from Bank of America, NA, Credit Suisse, Merrill Lynch Capital Corporation and Morgan Stanley Senior Funding, Inc. to help fund the acquisition of Tyco International Ltd.'s plastics and adhesives business for $975 million in cash.

The transaction is expected to close in early 2006.

"We are excited to be purchasing Tyco's plastics and adhesives business, a franchise asset with leadership positions in a diverse group of attractive end markets," said Joshua Harris, a founding partner at Apollo Management, in a news release. "We view the company as an excellent platform and look forward to the opportunity to invest alongside a strong management team with whom we will work to grow the business and realize the full potential of the company's leading market positions."

Net revenue in 2005 was $1.7 billion.

The business is one of the top U.S. producers of trash bags, stretch film and plastic sheeting, as well as a leading global producer of duct tape.

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