BC Partners-backed Brenntag solidifies IPO plans

The company plans to place around 30% of its shares at between €46 and €56 and expects to raise between €483m and €588m with the IPO planned for 29 March. Including greenshoe allocation, the company intends to place up to 14.95 million shares, of which up to 10.5 million are from a capital increase.

As reported by unquote" in November 2009, Brenntag restructured its  €2.5bn debt pile to prepare itself for the planned IPO. The new terms gave lenders increased interest margins, while allowing Brenntag to use the profits from the IPO to repay subordinated debt before senior tranches.

Brenntag supplies industrial and specialty chemicals to industries in the manufacturing sector. The company is based in Mühlheim an der Ruhr and posted sales of  €6.4bn in 2009, employing around 11,000 people.

Deutsche Bank and Goldman Sachs are acting as global coordinators. Additional bookrunners are BofA Merrill Lynch and J P Morgan. Co-lead managers are Commerzbank, HSBC Trinkaus, Société Générale and The Royal Bank of Scotland.

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