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AgroFresh Solutions launches $275 million extended term loan
By Sara Rosenberg
New York, July 7 – AgroFresh Solutions Inc. held a lender call at 1 p.m. ET on Tuesday to launch a $275 million term loan (B3/B) due December 2024, according to a market source.
BMO Capital Markets and Deutsche Bank Securities Inc. are the leads on the deal.
Proceeds will be used to refinance/amend and extend an existing term loan due July 2021.
The loan transaction is a condition of the company’s agreement to sell $150 million of newly issued convertible preferred stock to an affiliate of Paine Schwartz Partners LLC.
The preferred stock investment will be used to repay a portion of AgroFresh’s existing debt.
On a pro-forma basis for the 12 months ended March 31, the company’s net debt-to-adjusted EBITDA ratio will decline to 3.8x from 5.8x.
Closing is expected early in the third quarter.
AgroFresh is a Philadelphia-based provider of solutions, technologies and services to enhance the quality and extend the shelf life of fresh produce.
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