Preliminary trade participation of roughly 100% of 1L Lenders and 89% of Unsecured Notes
SK Capital Companions & Associates grant a unused cash funding of $150mm in reference to the Transaction
THE WOODLANDS, Texas, Oct. 1, 2024 /PRNewswire/ — SI Team, a chief international developer and producer of efficiency components, procedure answers, prescribed drugs and chemical intermediates, closed a personal trade transaction supported through an important majority of its present collectors on September 18, 2024, and similtaneously introduced a folk trade do business in to its difference collectors to take part in a follow-on transaction at the identical phrases (jointly, the “Transaction“). SI Team (or the “Company”) nowadays introduced the preliminary result of the Transaction as of the preliminary agreement pace, September 30, 2024, with assistance from roughly 100% of 1L Lenders and 89% of Unsecured Notes. This huge Transaction participation underscores collectors’ self belief within the Corporate and its long-term outlook.
The Transaction extends debt maturities to 2028, will increase liquidity by the use of complete get admission to to a unused $218mm revolving credit score facility and leads to an general aid within the Corporate’s annual money passion expense. In reference to the Transaction, SK Capital Companions, the Corporate’s monetary sponsor, and Associates equipped a complete unused cash funding of $150mm to additional bolster liquidity and pay off debt.
The Transaction materially improves SI Team’s go-forward liquidity profile and higher positions the Corporate to capitalize on a hour broader trade cure.
The a success restructuring of SI Team’s capital construction, with sturdy assistance from SK Capital and lenders, will permit SI Team to concentrate on proceeding to enforce key development tasks, serving consumers, and furthering its long-term function of turning into the worldwide efficiency components powerhouse.
The Transaction will stay obvious till 5:00 p.m., Unused York Town month, on October 16, 2024. Holders of Unsecured Notes are required to affectionate previous to 5:00 p.m., Unused York Town month, on October 1, 2024, to obtain the Early Participation Top rate.
Latham & Watkins LLP acted as SI Team’s prison recommend and PJT Companions served because the monetary guide to the Corporate.
An Advert Hoc Team of First Lien Lenders and holders of Unsecured Notes was once urged through Milbank LLP, and the executive agent for the unused credit score amenities was once urged through Davis Polk & Wardwell LLP.
About SI Team
SI Team is a world chief within the leading edge era of efficiency components, procedure answers, and chemical intermediates. SI Team’s answers beef up the constituent and function of commercial and shopper items within the plastics, rubber & adhesives, fuels & lubricants, oilfield, and pharmaceutical industries. Headquartered in The Jungles, Texas, USA, SI Team operates 19 production amenities throughout 3 continents, serving consumers in 80 international locations with the assistance of roughly 1,800 staff international. In 2023, SI Team revealed its inaugural ESG record, showcasing its loyalty to steady development and sustainability. SI Team innovates and drives trade to assemble worth with a zeal for protection, chemistry, and odd effects. Be informed extra at www.siigroup.com.
Media Touch:
Joseph Grande
ph: + 1.413.684.2463
[email protected]
SOURCE SI Team, Inc.
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