IFR Asia Names Aditya Birla's Buyout of Columbian Chemicals Loan of the Year
The financing for the acquisition of US-based Columbian Chemicals by India’s Aditya Birla Group has been named International Financing Review (IFR) Asia’s “Loan of the Year,” with the publication praising the transaction “for its triumph over complexity and political upheaval.” The acquisition was announced in January, 2011 and the bank financing, which according to IFR “attracted unusually strong levels of participation from Asian lenders,” was completed on June 20, 2011 despite volatile markets, political unrest and liquidity at a premium.
In connection with the financing, Cahill represented Bank of America, N.A. as administrative agent and Merrill Lynch Pierce, Fenner & Smith Incorporated; Australia and New Zealand Banking Group Limited; HSBC Securities; RBS Securities; and Standard Charter Bank as lead arrangers in the $575 million credit facility for Indigold Carbon (USA), Inc.; Indigold Carbon (Canada) Limited; Indigold Carbon (Netherlands) B.V.; and Columbian Chemicals Brasil Ltda. that funded the buyout.