SPX FLOW $500 million senior notes offering
Davis Polk advised the representative of the initial purchasers, on a Rule 144A / Regulation S offering by Redwood Star Merger Sub, Inc. of $500 million aggregate principal amount of its 8.750% senior notes due 2030. The notes were issued in connection with Lone Star’s financing for the acquisition of SPX FLOW, Inc. and its subsidiaries. Upon the concurrent closing of the acquisition, SPX FLOW assumed all of Merger Sub’s obligations under the notes.
SPX FLOW, Inc. is a leading provider of process solutions for the nutrition, health and industrial markets. SPX FLOW had approximately $1.4 billion in 2020 annual revenues and has operations in more than 30 countries and sales in more than 140 countries.
Lone Star is a leading private equity firm advising funds that invest globally in real estate, equity, credit and other financial assets. Since the establishment of its first fund in 1995, Lone Star has organized 21 private equity funds with aggregate capital commitments totaling approximately $85 billion.
The Davis Polk capital markets team included partner Maurice Blanco, counsel Dan Gibbons and associates Fatima Carrillo and José Miguel Fernández. Partner Lucy W. Farr and associates Ben Levenback and Betsy Johnson provided tax advice. Counsel David A. Zilberberg provided environmental advice. Partner David R. Bauer and associate Brette L. Trost provided intellectual property advice. All members of the Davis Polk team are based in the New York office.