THE WOODLANDS, Texas,
March 15, 2019 /PRNewswire/
-- Neon Holdings, Inc. ("Neon Holdings"), which will acquire
100% of the membership interests of the entities comprising the
plastics business of Nexeo Solutions, Inc. ("Nexeo Plastics") in
connection with a proposed acquisition of Nexeo Plastics (the
"Acquisition") by certain investment funds managed by One Rock
Capital Partners, LLC ("One
Rock"), announced today that it intends to commence a
private offering of $410 million in
aggregate principal amount of senior secured notes due 2026 (the
"Notes"). The offering of the Notes is part of the financing for
the Acquisition, and there can be no assurance that the Acquisition
or the private offering of Notes will be completed.
Neon Holdings intends to use the net proceeds of the offering,
together with proceeds from its five-year senior secured
asset-based revolving credit facility and an equity contribution
from a One Rock-managed fund and
certain co-investors, to finance the Acquisition and pay related
fees and expenses. The Offering is conditioned on the substantially
simultaneous consummation of the Acquisition.
The Notes will be offered in a private offering exempt from the
registration requirements of the United States Securities Act of
1933, as amended (the "Securities Act"). The Notes will be offered
only to qualified institutional buyers pursuant to Rule 144A and to
certain persons outside the United
States pursuant to Regulation S, each under the Securities
Act.
The Notes will not be or have not been registered under the
Securities Act and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements.
This press release is neither an offer to sell nor a
solicitation of an offer to buy the Notes or any other securities
and shall not constitute an offer to sell or a solicitation of an
offer to buy, or a sale of, the Notes or any other securities in
any jurisdiction in which such offer, solicitation or sale is
unlawful.
About Nexeo Plastics
Nexeo Plastics is a leading value-added distributor of plastics
in more than 60 countries primarily in North America, Europe and Asia. Nexeo Plastics holds the number one and
number two positions in its addressable U.S. and European
third-party plastics distribution markets, respectively. The
company distributes over 9,000 products, primarily including
engineered thermoplastics and polyolefins, in bulk trucks,
truckload boxes, less-than-truckload quantities and railcars, and
connects a network of over 150 suppliers with a diverse base of
approximately 12,000 customers, primarily plastics processors
engaged in injection, blow and rotation molding and extrusion.
Nexeo Plastics' customers serve a broad cross section of end
markets, including healthcare, packaging, consumer, automotive and
general industrial.
In February 2019, Univar Inc. and
Nexeo Solutions, Inc. announced an agreement for Nexeo Solutions,
Inc. to divest its plastics distribution business, Nexeo Plastics,
to an affiliate of One Rock for an
enterprise value of approximately $640
million, subject to customary closing adjustments.
About One Rock Capital Partners, LLC
One Rock makes controlling
investments in companies with potential for growth and operational
improvement using a rigorous approach that utilizes highly
experienced Operating Partners to identify, acquire and enhance
businesses in select industries. The involvement of these Operating
Partners affords One Rock the
ability to conduct due diligence and consummate acquisitions and
investments in all types of situations, regardless of complexity.
One Rock works collaboratively with
company management and its Operating Partners to develop a
comprehensive business plan focused on growing the enterprise and
enhancing its profitability to enhance long-term value. For more
information,visit www.onerockcapital.com.
Forward-Looking Statements
This press release includes "forward-looking statements,"
including with respect to the proposed initial public offering,
within the meaning of Section 27A of the Securities Act and Section
21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements are subject to known and unknown risks
and uncertainties, many of which may be beyond our control. We
caution you that the forward-looking information presented in this
press release is not a guarantee of future events and that actual
events may differ materially from those made in or suggested by the
forward-looking information contained in this press release. In
addition, forward-looking statements generally can be identified by
the use of forward-looking terminology such as "may," "plan,"
"seek," "comfortable with," "will," "expect," "intend," "estimate,"
"anticipate," "believe" or "continue" or the negative thereof or
variations thereon or similar terminology. Any forward-looking
information presented herein is made only as of the date of this
press release, and we do not undertake any obligation to update or
revise any forward-looking information to reflect changes in
assumptions, the occurrence of unanticipated events, or
otherwise.
View original
content:http://www.prnewswire.com/news-releases/nexeo-plastics-announces-launch-of-410-million-offering-of-senior-notes-300813119.html
SOURCE One Rock Capital Partners, LLC