Shearman & Sterling represented Synthomer plc on its inaugural high yield bond offering of €520 million 3.875% senior notes due 2025.
The proceeds of the offering were used to repay borrowings under Synthomer’s 2019 bridge facilities, which, together with certain other funding, financed the acquisition of OMNOVA Solutions Inc., and to pay certain costs, fees and expenses related to the offering. The offering, which was conducted pursuant to Rule 144A and Regulation S under the U.S. Securities Act, closed on June 25, 2020.
Synthomer is a global speciality chemicals company and one of the world’s leading suppliers of water-based polymers with a plant network of 38 plants in 24 countries and approximately 4,750 employees worldwide. Synthomer is listed on the London Stock Exchange and its shares are included in the FTSE 250.