Invista Sale to Include $1.8B Bank Loans, $1.2B Bo
Wilmington, DE, Feb. 12--DuPont Co. textile unit Invista is planning to offer $1.2 billion in senior notes and $1.8 billion in bank credit facilities to help finance Koch Industries Inc.'s leveraged buyout of the unit, said a source familiar with the offering.
The credit facilities are expected to include a $400 million revolver, a $150 million term loan A, and a $1.25 billion term loan B, said the source. The term loans, which are currently in their pre-marketing phase, are expected to pay an interest of 275-300 basis points over the London interbank offered rate, he said.
J.P. Morgan, Deutsche Bank and Credit Suisse First Boston are lead arrangers of the bank facilities. Detail on the bond underwriters weren't available.
DuPont agreed to sell Invista to Wichita, KS based Koch Industries Inc. last November for $4.4 billion in cash. The deal is expected to close in the first half of the year.
