With advanced technologies and 23 manufacturing facilities across the globe, Lydall is well positioned to capitalize on the growth in clean air filtration and the adoption of electric vehicles, among many other attractive markets. Under the terms of the agreement, Lydall shareholders will receive $ 62.10 per share in cash for each share outstanding, implying a total enterprise value of approximately $ 1.3 billion.
A syndicate of banks led by JP Morgan provided committed debt financing to support the acquisition of Lydall by Unifrax. Unifrax currently intends to maintain its existing senior credit facilities, refinance its second lien facility and raise approximately $ 1.2 billion new secured and unsecured funding in debt capital markets. The transaction will be supported by more than $ 400 million new liquidity and additional equity from investors, including Clearlake.
Disclaimer and forward-looking statements
This communication does not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities or a solicitation of a vote or approval. The securities offered will not be and have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in United States lack of registration or an applicable exemption from registration requirements.
This communication contains “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. All statements contained in this communication that are not statements of historical fact, including (but not limited to) statements about the ability to Clearlake or Unifrax to complete the proposed transaction and / or secure the debt and equity financing necessary to complete the transaction may be considered forward-looking statements. Forward-looking statements can generally be identified by the use of words such as “believes”, “plans”, “could”, “should”, “will”, “plans”, “plans”, “expects”, “Expectations,” “estimates”, “forecasts”, “forecasts”, “goals”, “prospects”, “strategy”, “signs” and other words with similar meaning in relation to the discussion of performance, plans , actions or future events. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and changes in circumstances that are difficult to predict. These risks and uncertainties include, but are not limited to: failure to obtain the required vote of Lydall shareholders, the timing of the proposed transaction, the risk that a condition to close the proposed transaction will not be met or that the closing of the proposed transaction the transaction may otherwise not occur, the risk that regulatory approval which may be required for the proposed transaction will not be obtained or will be obtained subject to conditions that are not anticipated, and disruption to global credit and capital markets, including declining liquidity and availability of credit. Therefore, actual results may differ materially from those contemplated by these forward-looking statements. Therefore, investors are cautioned not to rely on any of these forward-looking statements. They do not constitute statements of historical fact nor guarantees or assurances of future performance. These forward-looking statements speak only as of the date of this communication, and neither Clearlake nor Unifrax assumes any obligation to update or revise any forward-looking statements made in this communication or which may from time to time be made by or on their behalf. .
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