London, UK, Apr. 13--U.S. fiber manufacturer Invista will sell high-yield bonds worth $575 million next week to fund its acquisition by Koch Industries Inc., a banking source said on Tuesday.
The bonds will be denominated in euros and dollars. They will mature in 2012 and cannot be repurchased by the issuer for four years.
Marketing will begin in the U.S. on Wednesday and in Europe on Thursday and the deal will be priced on April 23, the banker said.
U.S. chemicals maker DuPont Co. agreed to sell Invista to KED Fiber Ltd and KED Fiber LLC, both subsidiaries of Koch Industries, in November in a deal worth $4.4 billion. DuPont said in April the sale price had been reduced to $4.2 billion while bringing forward the expected closing date of the deal to April 30.
Wilmington, DE based Invista manufactures brands including Lycra, Teflon and Stainmaster.
JPMorgan and CSFB are leading the bond deal.
