Angus Chemical to sell $225 million notes backing Golden Gate buyout

By Paul A. Harris

Portland, Ore., Jan. 8 – Angus Chemical Co. is expected to sell $225 million of high-yield notes in a Morgan Stanley & Co.-led deal that could show up as early as the week ahead, a portfolio manager said on Thursday.

The bond deal is part of the financing for the buyout of the Buffalo Grove, Ill.-based company. Golden Gate Capital is acquiring Angus from Dow Chemical Co. for $1,215,000,000.

The debt financing also includes $505 million of term loan debt being arranged by J.P. Morgan Securities LLC, Morgan Stanley and Deutsche Bank Securities Inc. That loan launched at a Wednesday bank meeting.

Angus is a manufacturer and distributor of nitroalkanes and their derivatives.

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