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Windsor /Univar launches downsized $800 million seven-year secured notes at 8½%; pricing Thursday
By Paul A. Harris
Portland, Ore., June 22 – Windsor Holdings III, LLC launched its downsized $800 million offering of seven-year senior secured notes (B2/B+/BB+) at 8½%, according to market sources.
The deal was downsized from approximately $1 billion after having previously decreased from the $1.2 billion announced size.
Proceeds from the bonds were shifted to planned concurrent bank loan tranches.
The bonds, coming in support of the buyout of Univar Solutions Inc. by Apollo, launched on top of official yield talk as well as early guidance.
The Rule 144A and Regulation S for life deal is set to price on Thursday.
The notes come with three years of call protection.
J.P. Morgan Securities LLC, Apollo Global Securities LLC, BMO Capital Markets Corp., BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Fifth Third Securities Inc., HSBC Securities (USA) Inc., Mizuho Securities USA Inc., RBC Capital Markets LLC, TD Securities (USA) LLC and Wells Fargo Securities LLC are the joint bookrunners.
In the late rejiggering of the buyout financing, the U.S. term loan upsized to $2.4 billion from $2.25 billion, and the euro term loan increased to approximately $950 million equivalent from approximately $850 million equivalent. Hence the size of the loan portion of the financing increased in excess of the amount by which the bonds downsized, by approximately $50 million.
Proceeds from the bonds and loans, a $500 million ABL revolver and sponsor equity will be used to help fund the acquisition of Univar, a Downers Grover, Ill.-based specialty chemical company, by Apollo for approximately $8.1 billion. The acquisition is expected to close during the second half of 2023.
The incremental proceeds resulting from the above-mentioned $50 million increase in the overall debt financing will be used for general corporate purposes.
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