A syndicate of banks led by Barclays, Deutsche Bank and Goldman Sachs is lining up approximately €1.75 billion of leveraged loans to fund Advent International Corp.'s purchase of the methacrylates plastics business of German chemicals group Evonik Industries AG, Reuters reported, citing banking sources.
The other participating banks are Bank of America Merrill Lynch, Bank of China, HSBC, NatWest Markets and Royal Bank of Canada. The financing package includes a €1.49 billion term loan B and undrawn facilities, and is expected to launch for syndication to the loan investors within a few months, according to the sources.
Evonik is selling its clear acrylic sheet business for €3 billion to the private equity firm.
A €1.5 billion unitranche loan was offered by Blackstone Group LP's credit division GSO Capital Partners LP to Advent. However, the investor went in favor of a cheaper underwritten syndicated loan, they added. Advent did not comment on the matter.