August 22, 2017 / 8:39 PM / a month ago

BRIEF-Ingevity to acquire Georgia-Pacific’s pine chemicals business

Aug 22 (Reuters) - Ingevity Corp

* Ingevity Corp - deal for ‍$315 million​

* Ingevity Corp - will enter into a 20-year, market-based crude tall oil (CTO) supply contract with certain of Georgia-Pacific’s paper mill operations​

* Ingevity - will not acquire Georgia-Pacific’s merchant CTO or crude sulfate turpentine business which will be retained and operated by Georgia-Pacific

* Ingevity Corp - ‍will fund transaction through an amendment and extension of its bank credit facility​

* Ingevity Corp - ‍acquisition would be accretive to earnings in first year following closing​

* Ingevity Corp - ‍amended and extended facility is comprised of a $550 million revolving credit facility and a $375 million term loan​

* Ingevity Corp - ‍company expects to derive approximately $11 million in net synergies as a result of acquisition​

* Ingevity Corp - ‍$925 million facility matures in May 2022 and includes 13 participating banks​ Source text for Eikon: Further company coverage:

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