Cahill Represents Debt Financing Sources in Approximately USD 3.1 Billion (equivalent) of Multi-Currency Debt Financings, Consisting of $1.7 Billion and €630 Million in Notes Offering and $700 Million in Credit Facilities for Solenis
Date: 07/05/23
Cahill represented the initial purchasers in connection with a Rule 144A offering of $1,700,000,000 aggregate principal amount of 9.750% senior secured notes due 2028 and €630,000,000 aggregate principal amount of 9.625% senior secured notes due 2028 by Olympus Water US Holding Corporation. Cahill also represented the lead arrangers in connection with a $200,000,000 incremental asset based multi-currency revolving credit facility for Olympus Water US Holding Corporation; Innovative Water Care International Holding, LLC; Innovative Care, LLC; Innovative Water Care Global Corporation; Solenis LLC; Solenis Switzerland GMBH; Solenis Netherlands B.V.; Diversey, Inc.; Diversey Deutschland GmbH & Co OHG; Diversey Limited; Zenith Hygiene Group Limited, and a $500,000,000 incremental term B credit facility for Olympus Water US Holding Corporation. Proceeds from the notes and the credit facilities will be used for the acquisition of Diversey and the related transactions, to refinance existing indebtedness of Diversey and for general corporate purposes.
Solenis is a leading supplier of specialty chemicals and services to the pulp and paper, mining, food and beverage, power generation, petroleum refining, chemical processing, general manufacturing, municipal and pool markets and Diversey is a leading global supplier and manufacturer of sustainable, high-performance hygiene, retail and grocery, infection prevention and cleaning solutions to the facility management, retail, healthcare, hospitality, food and beverage, commercial laundry, food service, education and government, dairy, agriculture and buildings service contractors markets.