TPG Capital and Nexeo Solutions, LLC in Debt Financing of Ashland Acquisition
March 31, 2011
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.