News from Notch Consulting, Inc.

August 25, 2014

Orion IPO used to repay shareholder loans, reduce corporate debt

Filed under: Uncategorized — Notch @ 5:45 am

Having successfully concluded its initial public offering, Orion Engineered Carbons S.A. is using the cash to repaying a shareholder loan and refinance its debt. In the offering, which began July 25 and closed July 30, Orion floated 19.5 million common shares at $18 per share. Shares trade on the New York Stock Exchange under the symbol OEC. Following the offering, Orion is owned by Kinove Luxembourg Holdings 1 S.a.r.l. (57.3%), public shareholders (about 32.7%), and management (about 10%). Rhone Capital L.L.C. and Triton Advisors Ltd. are Orion’s largest investors, together holding more than 50% of the firm, according to Charles Herlinger, Orion’s CFO. According to an article in Rubber & Plastics News, about €200 million ($267.6 million) of the proceeds will repay a shareholder loan in full. The IPO also will allow Orion to refinance its debt down from more than 10% to about 4-5%. 

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