Alkegen Announces New Capital Infusion to Support Growth
Summary
The transaction was led by a consortium of new and existing lenders including lead lender Oak Hill Advisors and funds managed by affiliates of Apollo Capital Management, L.P.As part of this transaction, Alkegen entered into new $1,925 million first lien term loan and notes facilities and a new $200 million first-out revolving credit facility to refinance in full its existing first lien term loans, pay down outstanding borrowings under its revolver, extend maturities from 2025 to 2029, and provide additional liquidity. Alkegen is separately commencing an offer to exchange all of the remaining secured and unsecured notes for new second lien notes.Alkegen has established itself as a global provider of high-performance specialty materials across high temperature insulation, fire protection, filtration and battery applications. With over 60 manufacturing facilities and over 7,500 employees worldwide, Alkegens global materials platform is concentrated on creating innovative technologies that enable fossil fuel reduction, clean air enhancements, and battery advancements. "We are very pleased with the successful completion of this transaction, which further strengthens our financial position and provides additional flexibility to continue to execute on our long-term growth priorities," said John Dandolph, President and CEO of Alkegen. Davis Polk & Wardwell LLP and Perella Weinberg Partners LP served as legal and financial advisors to certain Alkegen lenders and investors.Alkegen creates high performance specialty materials used in advanced applications including electric vehicles, energy storage, filtration, fire protection and high-temperature insulation, among many others.