Univar Solutions USA and Univar Netherlands Holding entered into a new $400 million term loan B facility as co-borrowers.
According to a related 8-K filing, Bank of America served as administrative agent. The new term B-5 loan facility will exist in conjunction with the company’s existing term B-3 loan facility and term B-4 loan facility. The senior term facilities are senior secured obligations of Univar Solutions USA and Univar Netherlands and are guaranteed by the Company and certain of its subsidiaries.
Goldman Sachs Bank USA, BofA Securities, BMO Capital Markets, Citigroup Global Markets, Deutsche Bank Securities, HSBC Securities (USA), JPMorgan Chase Bank, Morgan Stanley Senior Funding, U.S. Bank and Wells Fargo Securities are acting as joint lead arrangers and joint bookrunners. Goldman Sachs is acting as the syndication agent, in connection with this amendment.
The company also amended its ABL credit agreement in connection with the incurrence of the new term B-5 Loan facility and the addition of Univar Netherlands as co-borrower.
The company is using the net proceeds from the its notes offering, together with cash on hand and the proceeds of the borrowing under the new term B-5 loan facility, to redeem all of Univar Solutions USA’s 6.75% senior notes due 2023, repay all the outstanding amount of the existing Euro term B-2 loan facility, repay $100.0 million of the outstanding amount of the company’s existing five year senior secured ABL credit facility and pay any related fees and expenses incurred in connection with the foregoing.
Univar Solutions is a global chemical and ingredient distributor and provider of value-added services to customers across a wide range of industries.