GERMANY – BC Partners' Brenntag shapes up for IPO

According to sources, the new terms give chemicals distributor Brenntag's lenders increased interest margins in return for Brenntag being able to use the profits from the IPO to repay subordinated debt before the senior tranches.

BC Partners is currently preparing to float Brenntag in early 2010 and plans to raise as much as EUR 1.5bn from the placement. BC Partners acquired Brenntag from Bain Capital in late 2006, with a transaction value of approximately EUR 3.25bn.

Brenntag supplies industrial and speciality chemicals to industries in the manufacturing sector. The company is based in Mühlheim an der Ruhr and posted sales of EUR 7.4bn in 2008.

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