Cleary Gottlieb represented TPG Capital, L.P., its investment funds and Nexeo Solutions, LLC in the debt financing of the acquisition by Ohio-based Nexeo Solutions, LLC of the chemical distribution business of Ashland Inc. The acquisition was financed though a senior secured asset-based revolving credit facility, a $325 million senior covenant light secured term loan facility and a $175 million 8.375% senior subordinated notes offering due 2018. The transaction closed on March 31, 2011. The new company will operate under the name Nexeo Solutions, LLC.
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