IPS Corporation
Overview
Deal Type |
Debt Capital Markets Mergers & Acquisitions |
---|---|
Size |
$930 Million Senior Secured Credit Facilities |
Client & Transactional Partners |
Centerbridge Partners IPS Corporation |
Our Role |
Joint Lead Arranger Joint Bookrunner |
Summary
On October 1st, KeyBanc Capital Markets (“KBCM") successfully closed the syndication of $930 Million Senior Secured Credit Facilities in support of Centerbridge Partners (“Centerbridge” or the “Sponsor”) acquisition of IPS Corporation (“IPS” or the “Company”). The facilities are comprised of a $90 Million Revolving Credit Facility (the “Revolver”), a $525 Million First Lien Term Loan (“1LTL”), a $105 Million Delayed Draw Term Loan (“DDTL”), and $210 Million Second Lien Term Loan ( “2LTL” collectively, the “Credit Facilities”). Proceeds from the Credit Facilities will be used to support the acquisition of IPS, support ongoing working capital needs, and pay transaction related fees and expenses. KBCM served as Joint Lead Arranger and Joint Bookrunner and was chosen to play a role in the financing due to its longstanding relationship with the Sponsor, industry expertise and Debt Capital Markets capabilities.
Headquartered in Compton, CA, IPS provides a comprehensive offering of specialized, highly engineered industrial products including solvent cements, rough plumbing and roofing products, and structural and surface adhesives. The Company's well-recognized brands include Weld-On®, Christy's™, Water-Tite®, Studor®, Scigrip®, and others. The Company sells its products through wholesale and retail channels to a diverse base of customers across the globe with manufacturing operations in the United States, the United Kingdom and China.
Founded in 2005, Centerbridge Partners is a New York, New York-based private investment firm with approximately $14 billion in capital commitments across three closed-end funds.