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Black Diamond Capital Management, LLC (“Black Diamond”) is pleased to announce a transaction involving one of its portfolio companies, Specialty Chemicals International Limited, the holding company of the Polynt-Reichhold Group (“Company”). The company agreed to return Purchase Investindustrial’s shares in the company (“Transaction”). After the completion of this transaction, Black Diamond will become the company’s controlling shareholder.
Black Diamond and Investindustrial became Polynt-Reichhold’s partners after the successful merger of Polynt and Reichhold in May 2017. In the years after the merger, the performance of the merged company has been greatly improved. This transaction, together with the refinancing of existing debt, will be funded by approximately 1.3 billion euros (equivalent) in new senior secured and unsecured debt financing that the company is expected to issue on the public debt capital market. JPMorgan Chase’s affiliates and certain funds managed by Apollo Capital Management, LP affiliates have provided commitments for debt financing, and funds managed by Black Diamond have provided equity…
The full story on Benzinga.com
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