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MacDermid to pay down some subsidiary term loans with stock proceeds
By Toni Weeks
San Diego, July 11 - MacDermid Group, Inc. said it will use the proceeds from its planned offering of stock to repay or repurchase a portion of subsidiary MacDermid, Inc.'s term loan facilities and to pay fees and expenses of $3.4 million to Court Square and $800,000 to Weston Presidio in connection with the termination of advisory agreements and the consummation, according to an 8-K filed with the Securities and Exchange Commission.
Remaining proceeds will be used for general corporate purposes.
The term loan facilities consist of a $360 million dollar-denominated tranche B term loan, a $250 million euro-denominated tranche C term loan and a $50 million dollar-denominated revolving credit facility. Both the tranche B and C term loans are due April 12, 2014. MacDermid currently has $232.7 million of debt under the tranche B facility and $169.6 million of debt under the tranche C facility. There are no borrowings under the revolver.
Any increase in the net proceeds from the stock offering due to an increase in the initial price per share will be split, such that 25% of the increase will be paid toward the term loans and 75% toward general corporate purposes. Likewise, any decrease in the net proceeds due to a decrease in the initial price per share will reduce the amount paid toward the term loan by 25% and the amount designated for general corporate purposes by 75%.
MacDermid is a Denver-based manufacturer of specialty chemical products and provider of technical services for the metal and plastic plating, electronics, graphic arts and offshore oil production and drilling industries.
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