The EURO191.7 million facility supporting Bain Capital’s buyout of polypropylene maker Trespaphan from German chemical company Celanese AG has launched to the market, via mandated lead arrangers Bear Stearns and JP Morgan.
The facility comprises a EURO75.85 million seven-year term loan A at 225bp over Euribor, a EURO75.85 million eight-year term loan B at 275bp over Euribor, a EURO30 million seven-year working capital revolver at 225bp over Euribor with a 75bp commitment fee and a EURO10 million seven-year capex facility at 250bp over Euribor. Ticket levels of EURO20 million and EURO15 million are offered to the market.
Additionally, the buyout is supported by a EURO75 million subordinated bridge loan.
Bain Capital plans to merge Trespaphan with fellow polypropylene maker Moplefan, although the acquisition and merger is subject to regulatory approval, which is expected by year-end.