Milbank Advises Bridge Lenders and Initial Purchasers in Acquisition Financing for the Italmatch Group

Milbank LLP advised the bridge lenders and initial purchasers in the financing for the Italmatch Group’s acquisition of BWA Water Additives, a leading global provider of specialty water solutions.

In February 2019, Fire (BC) S.p.A. used the gross proceeds from a senior bridge facilities agreement to fund the acquisition of BWA Holdings LLC, repay the existing debt of the BWA Group and to pay certain fees and expenses in connection with the acquisition. Fire (BC) S.p.A. subsequently issued €200 million aggregate principal amount of Senior Secured Floating Rates Notes due 2024 to repay amounts outstanding under the bridge facilities and to pay certain fees and expenses.

The Italmatch Group, a Bain Capital portfolio company, is a global and diversified specialty chemicals group, focused on the manufacturing and marketing of a broad range of specialty chemical products such as phosphorus derivatives, polymers and esters.

The Milbank team was led by London Leveraged Finance/Capital Markets partners Apostolos Gkoutzinis and Alexandra Grant, with special counsel Trevor Truman and Ana Grbec and associates Melanie Probst, Andrew Bechtel, Joseph Richmond, David Waserstein and Anastasia Kontaxi. The team also included New York Tax partner Andrew Walker and associate Archan Hazra.