Delrin to launch $700 million equivalent U.S. and euro loan on Monday

By Sara Rosenberg

New York, Sept. 28 – Delrin is scheduled to hold a lender call at 10 a.m. ET on Monday to launch a $700 million equivalent U.S. and euro first-lien term loan due 2030, according to a market source.

The U.S. portion of the term loan will have a minimum size of $500 million, the source said.

Goldman Sachs Bank USA, RBC Capital Markets, BMO Capital Markets, UBS Investment Bank, KeyBanc Capital Markets and KKR Capital Markets are the arrangers on the deal.

Proceeds will be used to help fund the acquisition of an 80.1% ownership interest in the company by The Jordan Co. from DuPont in a transaction valuing the business at $1.8 billion.

At close, DuPont will receive pre-tax cash proceeds of about $1.25 billion, subject to customary transaction adjustments, a note receivable of $350 million, and will own a 19.9% non-controlling common equity interest in Delrin.

Closing is expected around year-end, subject to customary conditions and regulatory approval.

Delrin is a producer of acetal homopolymer, a high-end engineering thermoplastic.

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