Diversey Announces Launch of Private Offering of Senior Notes
Diversey Holdings, Ltd. (NASDAQ: DSEY) announced plans to offer up to $500 million in senior notes via a private offering. This offering aims to refinance existing senior secured credit facilities amounting to $1,500 million. Proceeds will be allocated to redeem all outstanding 5.625% Senior Notes due in 2025 at a premium redemption price of 101.406% plus accrued interest. The new notes will not be registered under the Securities Act and will be offered only to qualified institutional buyers and non-U.S. persons.
- Proceeds of the offering will strengthen the company's financial position by paying down existing debt.
- Plans to refinance existing credit facilities indicate a strategic move to improve liquidity and reduce interest expenses.
- Offering senior notes may lead to potential dilution of existing equity if not managed properly.
- The dependency on the successful completion of the offering and refinancing may create uncertainty for investors.
FORT MILL, S.C., Sept. 13, 2021 (GLOBE NEWSWIRE) -- Diversey Holdings, Ltd. (NASDAQ: DSEY), a leading provider of hygiene, infection prevention and cleaning solutions, today announced that its indirect, wholly-owned subsidiary, Diamond (BC) B.V. (the “Company”) intends to offer up to
As previously disclosed, the Company has also commenced a process to refinance its existing senior secured credit facilities, which is expected to include the repayment of its existing term loan facilities and the entry into a new approximately
The Company intends to use the net proceeds from the sale of the notes, together with available cash, to redeem all of its existing
The new senior notes will be guaranteed by BCPE Diamond Netherlands TopCo B.V., a private limited liability company incorporated under the laws of the Netherlands, and the Company’s direct parent, and each of the existing and future restricted subsidiaries of the Company to the extent such subsidiary guarantees the Company’s new senior secured credit facilities.
The newly issued senior notes will not be registered under the Securities Act of 1933, as amended (“Securities Act”), or the securities laws of any other jurisdiction, and will not be offered or sold in the U.S. or to U.S. persons absent registration or an applicable exemption from the registration requirements. The offering of the notes will be made only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act and to non-U.S. persons in accordance with Regulation S under the Securities Act.
This press release is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security. No offer, solicitation, or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful. Any offers of the notes will be made only by means of a private offering memorandum.
About Diversey
Diversey’s mission is to protect and care for people through leading hygiene, infection prevention, and cleaning solutions. We develop and deliver innovative products, services, and technologies that save lives and protect our environment. Over the course of 95 years, the Diversey brand has become synonymous with product quality, service, and innovation.
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Diversey’s current intentions, expectations or beliefs regarding the Notes offering and the anticipated use of the net proceeds therefrom. These statements may be preceded by, followed by or include the words “aim,” “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “outlook,” “plan,” “potential,” “project,” “projection,” “seek,” “can,” “could,” “may,” “should,” “would,” “will,” the negatives thereof and other words and terms of similar meaning. Forward-looking statements include all statements that are not historical facts. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. There is no assurance that any forward-looking statements will materialize. You are cautioned not to place undue reliance on forward-looking statements, which reflect expectations only as of this date. Diversey does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.
Diversey Holdings, Ltd.
Investor Contact:
Grant Graver
ir@diversey.com
FAQ
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