10.01.24
Alkegen, a global specialty materials platform providing high performance materials used in advanced applications and a portfolio company of Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”), announced the closing of a refinancing transaction of its outstanding debt. 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. In addition, a majority of existing holders of Alkegen’s secured and unsecured notes due 2028 and 2029 exchanged their notes for new second lien notes due 2029. 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, Alkegen’s global materials platform is concentrated on creating innovative technologies that enable fossil fuel reduction, clean air enhancements, and battery advancements. Alkegen’s comprehensive product portfolio focuses on helping customers optimize energy consumption and drive compliance with the latest emission and fire safety regulations.
“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,” says John Dandolph, president and CEO of Alkegen. “We appreciate the continued strong support from our investors and lenders, which highlights their confidence in our strategic direction.”
“This new capital infusion represents a milestone in Alkegen’s next stage of growth and innovation,” say José E. Feliciano, co-founder and managing partner, and Colin Leonard, partner and managing director, at Clearlake. “We look forward to supporting Alkegen’s ongoing commitment to delivering cutting-edge solutions to its global customer base.”
Kirkland & Ellis LLP and Centerview Partners LLC served as legal and financial advisors to Alkegen. Davis Polk & Wardwell LLP and Perella Weinberg Partners LP served as legal and financial advisors to certain Alkegen lenders and investors.
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. In addition, a majority of existing holders of Alkegen’s secured and unsecured notes due 2028 and 2029 exchanged their notes for new second lien notes due 2029. 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, Alkegen’s global materials platform is concentrated on creating innovative technologies that enable fossil fuel reduction, clean air enhancements, and battery advancements. Alkegen’s comprehensive product portfolio focuses on helping customers optimize energy consumption and drive compliance with the latest emission and fire safety regulations.
“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,” says John Dandolph, president and CEO of Alkegen. “We appreciate the continued strong support from our investors and lenders, which highlights their confidence in our strategic direction.”
“This new capital infusion represents a milestone in Alkegen’s next stage of growth and innovation,” say José E. Feliciano, co-founder and managing partner, and Colin Leonard, partner and managing director, at Clearlake. “We look forward to supporting Alkegen’s ongoing commitment to delivering cutting-edge solutions to its global customer base.”
Kirkland & Ellis LLP and Centerview Partners LLC served as legal and financial advisors to Alkegen. Davis Polk & Wardwell LLP and Perella Weinberg Partners LP served as legal and financial advisors to certain Alkegen lenders and investors.
