Expected $775 million bonds backing merger of FXI and Innocor in post-Labor Day deal pipeline

By Paul A. Harris

Portland, Ore., Aug. 30 – An expected $775 million amount of bonds backing the merger of polyurethane foam products manufacturers FXI and Innocor, Inc. is part of the post-Labor Day deal pipeline, according to an investor active in the high-yield bond and leveraged loan markets.

The merger, announced in March, is expected to close in the second half of 2019.

Jefferies LLC is the mergers and acquisitions adviser to FXI. Barclays is the mergers and acquisitions adviser to Innocor.

Barclays is also expected to be a joint bookrunner for the notes offering, the source said.

Affiliates of One Rock Capital Partners, LLC, FXI's controlling shareholder, and Bain Capital Private Equity, Innocor's majority owner, will continue to own the combined company.

FXI, based in Media, Pa., produces foam solutions for the home, health care, electronics, industrial, personal care and transportation end markets.

Innocor, based in Red Bank, N.J., supplies consumer-driven polyurethane foam solutions for finished products in retail, e-commerce and direct-to-consumer segments.

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