Univar Issues Debt for Dividend; Momentive Refinances

Univar is issuing $750 million in senior, unsecured bonds and a new $750 million term loan to fund a $1 billion debt refinancing and a $544 million dividend to the company’s owners. Private equity firms Clayton, Dubelier and Rice (CD&R; New York) and CVC Capital Partners (New York) each hold a 42.5% stake in Univar. Moody’s Investors Service (New York) has rated the term loan ‘B2’ and the bonds ‘B3.’ Combined, the moves will increase Univar’s debt by $725 million, but reduce the company’s interest expense. The...

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