Luxembourg -- Oxea, a German-based supplier of solvents, polyols and oxo derivatives, announced recently that it is offering Euro 500 million of Senior Secured Notes, due in 2017.
Oberhausen, Germany-based Oxea said it will use the proceeds from the offering to refinance its existing debt, optimise 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, speciality esters and amines. It sells these products in the merchant market (to third party customers) where they are used to make high-quality coatings, lubricants, cosmetic and pharmaceutical products, flavourings and fragrances, printing inks and plastics. In the 12 months ending May 2010, Oxea generated revenue of about Euro 1100 million with about 1380 employees in Europe, the Americas and Asia.
Oxea was formed in 2007 when Advent International bought from Celanese Corp its Oxo intermediates and derivatives activities, as well as the entire operations of European OXO GmbH ("EOXO"), which had been a 50-50 joint venture of Celanese and Degussa AG.