Azz inc. announces financing of precoat transaction

Fort worth, texas , april 25, 2022 /prnewswire/ -- azz inc. ("azz" or the "company") (nyse: azz), a global provider of galvanizing and metal coating solutions, welding solutions, specialty electrical equipment and highly engineered services for maintaining and building critical infrastructure today announced that the company is launching the syndication of a new 7-year $1.3 billion first lien senior term loan ("2022 term loan b"). the 2022 term loan b, along with a new 5-year $400 million pari passu first lien revolving credit facility ("revolver") and a proposed $240 million investment by funds managed by blackstone's (nyse: bx) tactical opportunities business ("blackstone"), will be used to refinance the company's existing debt structure and to fund the purchase of sequa's precoat metals business division ("precoat" or the "transaction") for a purchase price of approximately $1.28 billion as previously announced on march 7, 2022.
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