Oxea, the leading manufacturer of Oxo chemicals in the Oxo merchant market, today announced an offering of €500 million equivalent Senior Secured Notes due 2017 (the “Offering”). Use of proceeds from the Offering will include amongst others a refinancing of Oxea’s existing debt. With this Offering, Oxea will aim to optimize its capital structure and extend its debt maturity profile. The bond will be offered to institutional investors both in Europe and the US.
Oxea is a global manufacturer of Oxo intermediates and derivatives such as alcohols, polyols, carboxylic acids, specialty esters and amines. These products are sold in the merchant market (where sales are to third party customers) and used for the production of high-quality coatings, lubricants, cosmetic and pharmaceutical products, flavorings and fragrances, printing inks and plastics. In the 12 months ending May 2010, Oxea generated revenue of about €1.1 billion with its approximately 1,380 employees in Europe, the Americas and Asia.