Milbank LLP represented the administrative agents, the joint lead arrangers and the joint bookrunners in connection with a term loan facility (comprising a $600 million tranche and a €300 million tranche) and a $300 million asset-based revolving credit facility in connection with the acquisition of Kraton Corporation (NYSE: KRA) by DL Chemical Co., Ltd., a subsidiary of DL Holdings Co., Ltd. (formerly Daelim Industrial Co., Ltd.), in a transaction implying an enterprise value of approximately $2.5 billion.
Based in Houston, Texas, Kraton develops, manufactures and markets biobased chemicals and specialty polymers. It is a leading producer of styrenic block copolymers, engineered polymers and chemicals derived from pine wood pulping co-products. Its products are used for adhesives and coatings, electronics, medical supplies, automotive components, polymer modification, compounding solutions, and paving and roofing materials by customers in over 70 countries.
The Milbank team was led by New York-based Global Leveraged Finance partner Charles Stern with assistance from associates Juyon Kang, Gregory Arpino, Patrick Sobchak and Jeremy Gopin.
