The Polynt Group, newly acquired CCP Composites, and certain of their subsidiaries (collectively, the Polynt/CCP Group), entered into senior secured US, Canadian, UK and Australian asset-based revolving credit facilities in the aggregate principal amount of US$100 million. The global facility is agented by Wells Fargo Bank, National Association.
In addition to the ABL facility, the Polynt/CCP Group closed on, simultaneously, a second-lien term loan agented by Garrison Loan Agency Services LLC in the principal amount of US$60 million.
The financings occurred contemporaneously with the acquisition by the Polynt Group (Bergamo, Italy), a producer of polymer intermediates and specialties, and an Investindustrial (Luxembourg) portfolio company, through its subsidiary, PCCR USA (Carpentersville, Ill., USA), of CCP Composites (N. Kansas City, Mo., USA) and its global group of companies, from TOTAL S.A., the French integrated oil and gas company.
Polynt Group specializes in the production of intermediate polymers and specialties.
The group has 1,500 employees located in 13 production sites located in Europe, the USA and China. The unsaturated polyester resins sector is its largest area for growth.
PCCR Inc. is also the exclusive agent on behalf of the Polynt Group in NAFTA, for the import and distribution of intermediate plasticizers and specialty additives.
Norton Rose Fulbright represented Wells Fargo in Canada, the UK and Australia with a team consisting of David Amato, Barry Segal (tax), Matthew Lippa, Amanda Fortuna and Melanie Dupuis-Giuliani, in Canada; Michael Black, Alex Dunn and Annie Birch, in the UK; and Chris Redden, Jenida Satem and Tim Mornane, in Australia. Choate, Hall & Stewart LLP represented Wells Fargo in the United States with a team consisting of Kevin Simard, Melissa Wright, Katherine Reynolds and Joshua Peary.
The Polynt/CCP Group was represented on the financing in the United States by DLA Piper with a team consisting of Shmuel Klahr, Ryan Moreno, Jason Durschlag and Alexandra Mackey, and in Canada by Borden Ladner Gervais LLP, with a team consisting of Jason Saltzman, Olivier Tardif and Andrew Hodhod.
Garrison Loan Agency Services LLC was represented by Proskauer Rose LLP in the United States and Blake, Cassels & Graydon LLP in Canada with a team consisting of Nathan Cheifetz, François Dupuis, Niki Khatami and Neil Katz.