By Wendy Van Sickle
Columbus, Ohio, Oct. 8 – EverArc Escrow Sarl priced an upsized $675 million of 5% eight-year senior secured notes (B2) at par, according to a London Stock Exchange filing on Friday.
The issuer initially planned to issue $600 million of the notes.
Left bookrunner Morgan Stanley & Co. LLC will bill and deliver. Joint bookrunners are Barclays and Goldman Sachs & Co. LLC.
The notes are being issued in connection with EverArc’s acquisition of SK Invictus Intermediate Sarl, doing business as Perimeter Solutions, and proceeds will be used with other funds to repay some Perimeter Solutions debt.
The notes will be guaranteed by all of Perimeter Solutions’ existing or future subsidiaries that guarantee its revolving credit facility.
EverArc Holdings Ltd. is an acquisition company that was formed in November 2019. It is incorporated in the Virgin Islands. Perimeter Solutions is a global manufacturer of firefighting products and lubricant additives.
| Issuer: | EverArc Escrow Sarl
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| Guarantors: | All of Perimeter Solutions’ existing or future subsidiaries that guarantee its revolving credit facility
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| Issue: | Senior secured notes
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| Amount: | $675 million
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| Maturity: | Oct. 30, 2029
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| Bookrunners: | Morgan Stanley & Co. LLC (bill and deliver), Barclays and Goldman Sachs & Co. LLC
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| Coupon: | 5%
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| Price: | Par
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| Yield: | 5%
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| Pricing date: | Oct. 8
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| Settlement date: | Oct. 22
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| Rating: | Moody’s: B2
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| Distribution: | Rule 144A and Regulation S
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