Standard Industries to launch $2.5 billion term loan B on Monday

By Sara Rosenberg

New York, July 23 – Standard Industries Inc. will hold a lender call at 10 a.m. ET on Monday to launch a $2.5 billion seven-year covenant-lite first-lien term loan B, according to a market source.

Deutsche Bank Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc. and JPMorgan Chase Bank are the bookrunners on the deal.

The term loan has 101 soft call protection for six months, the source said.

Proceeds will be used to fund a distribution to Standard Industries Holdings Inc. for the acquisition W.R. Grace & Co. for $70.00 per share in cash. The transaction is valued at about $7 billion.

Closing on the acquisition is expected in the fourth quarter, subject to customary conditions, including approval by W.R. Grace shareholders and the receipt of regulatory approvals.

W.R. Grace will operate as a stand-alone company within the portfolio of Standard Industries Holdings.

Standard Industries is a New York-based manufacturer of roofing products. W.R. Grace is a Columbia, Md.-based specialty chemical company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.