Beacon Roofing has entered into $565 million of new five-year credit agreements consisting of a $550 million U.S. credit facility and a C$15 million Canadian credit facility with Wells Fargo Bank, National Association as administrative agent and as a lender. Other lenders also participated.
International Paper (IP) has announced the completed acquisition of Temple-Inland, which will now become a wholly owned subsidiary of IP. Under the terms of the transaction, each issued and outstanding share of Temple-Inland common stock will fetch $32.00 in cash, including the assumption of approximately $700 million in Temple-Inland net debt. The total transaction value is approximately $4.5 billion.
Louisiana-Pacific Corp. one of the industry’s leading suppliers of oriented strand board and other building materials, has announced a $100 million extension to its revolving credit agreement with its lenders and Bank of America, N.A., as administrative agent.
International Paper’s attempt to take over Temple-Inland concluded today with an announcement that the two companies have entered into a merger agreement.
International Paper will acquire all of the outstanding common stock of Temple-Inland for $32 per share in cash, plus the assumption of $600 million in Temple-Inland’s year-end debt. The total transaction value is approximately $4.3 billion.
Stanley Black & Decker has agreed to buy Niscayah, a European electronic security and monitoring company for $1.2 billion, including assumed debt. Stanley will pay $18.00 per share in cash (in Swedish currency) for the Stockholm-based company, 24% more than an all-stock offer by another firm, Securitas AB, and a 15% premium to Niscayah's stock price at close on June 23, 2011.
Building Industry Partners (BIP), a private equity investment and mergers & acquisitions advisory firm specializing in the middle-market U.S. building industry, has announced the formation of its Debt Advisory & Placement Practice, which will leverage its relationships with the lender community to advise building products companies in restructuring and/or refinancing existing loans, as well as sourcing and optimizing terms on new senior, mezzanine and/or other debt capital.
The Hillman Group has announced the acquisition of TagWorks, a pet ID tag program, for $40 million in cash plus an additional consideration of $12.5 million on Oct. 31, 2011. TagWorks is responsible for paying $18.5 million in outstanding debt and transaction fees from the proceeds. The deal closed on March 16.