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Wednesday, 13 December 2017

Banks finance FXI buyout with US$500m bridge loan

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Jefferies, Deutsche Bank and Bank of America Merrill Lynch have agreed to finance the buyout of foam producer FXI by One Rock Capital, according to sources familiar with the matter.

The financing package includes a US$500m bridge loan, which will be replaced by a junk-rated secured bond next month, and an asset-based revolver.

One Rock Capital’s buyout of Pennsylvania-headquartered FXI from MatlinPatterson Global Advisers and Black Diamond Capital Management, which was announced earlier this month, is expected to close during the fourth quarter.

 

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