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ELEMENT SOLUTIONS INC

(ESI)
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Element Solutions Inc, MacDermid, Incorporated, Certain Subsidiaries of the Company Party Thereto, Barclays Bank Plc, as Collateral Agent and Administrative Agent, and the Lenders Party Thereto, Enter into an Incremental Term Facility to That Certain Credit Agreement, Dated as of January 31, 2019

09/01/2021 | 04:22pm EDT

On September 1, 2021, Element Solutions Inc, MacDermid, Incorporated (“MacDermid,” and together with the company, the “Borrowers”), certain subsidiaries of the company party thereto, Barclays Bank PLC, as collateral agent and administrative agent (the “Agent”), and the lenders party thereto, entered into an incremental term facility (the “Incremental Amendment”) to that certain credit agreement, dated as of January 31, 2019 (as amended and/or supplemented from time to time, the “Credit Agreement”), among the Borrowers, the Agent, the lending institutions from time to time parties thereto and the other entities party thereto. Pursuant to the Incremental Amendment, the Borrowers borrowed new USD term loans (the “New USD Term Loans”) in an aggregate principal amount of $400 million through a corresponding increase to the Company’s existing $750 million tranche B term loans (the “Existing Term Loans”) under the Credit Agreement. The proceeds of the New USD Term Loans were used to finance a portion of the purchase price of the previously-announced acquisition of Coventya Holdings SAS ("Coventya"). The Coventya acquisition closed on September 1, 2021 for a purchase price of approximately €420 million, subject to adjustments. The Credit Agreement, as amended by the Incremental Amendment, provides for senior secured credit facilities in an aggregate principal amount of $1.48 billion, consisting of a revolving credit facility in an aggregate principal amount of $330 million and term loans in an aggregate principal amount of $1.15 billion. Except as set forth in the Incremental Amendment, the New USD Term Loans have identical terms as the Existing Term Loans, including a maturity date of January 31, 2026. Certain restricted subsidiaries of the Borrowers acting as guarantors under the Credit Agreement (the “Guarantors”) will guarantee the Borrowers’ obligations under the New USD Term Loans. The New USD Term Loans will also be secured by the collateral pledged by the Borrowers and the Guarantors under that certain Pledge and Security Agreement, dated as of January 31, 2019, among the Borrowers, the Guarantors and the Agent (as amended and/or supplemented from time to time, the "Security Agreement"). The applicable interest rate for the term loan borrowings under the Credit Agreement was not amended by the Incremental Amendment and remains at a spread of 1.00% per annum for base rate loans and a spread of 2.00% for eurocurrency rate loans, plus, in each case, an additional rate per annum equal to for base rate loans, a base rate determined by reference to the highest of the federal funds effective rate plus 0.50%, the rate of interest quoted by The Wall Street Journal as the prime rate in the United States, and an adjusted one month London Inter-bank Offered Rate (“LIBOR”), plus 1.00%; and (b) for eurocurrency rate loans, an adjusted LIBOR rate determined by reference to the cost of funds for the applicable currency for the interest period relevant to such borrowing, subject to a LIBOR rate floor of 0.0% per annum. The New USD Term Loans will bear interest at the applicable rate for eurocurrency rate loans.


ę S&P Capital IQ 2021
All news about ELEMENT SOLUTIONS INC
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09/01ELEMENT SOLUTIONS INC : Announces Closing of Coventya Acquisition
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Analyst Recommendations on ELEMENT SOLUTIONS INC
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Financials (USD)
Sales 2021 2 306 M - -
Net income 2021 234 M - -
Net Debt 2021 1 441 M - -
P/E ratio 2021 21,6x
Yield 2021 0,71%
Capitalization 5 595 M 5 595 M -
EV / Sales 2021 3,05x
EV / Sales 2022 2,72x
Nbr of Employees 4 400
Free-Float 83,6%
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Mean consensus BUY
Number of Analysts 10
Last Close Price 22,60 $
Average target price 27,72 $
Spread / Average Target 22,7%
EPS Revisions
Managers and Directors
Benjamin H. Gliklich President, Chief Executive Officer & Director
Carey J. Dorman Chief Financial Officer
Martin E. Franklin Executive Chairman
Ian Guy Handley Ashken Independent Director
Michael Fenton Goss Lead Independent Director
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