Monarch, Arini Provide Fresh Debt to Apollo-Backed Kem One
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Credit funds Monarch Alternative Capital and Arini offered €200 million ($217 million) of fresh debt to Kem One SASU, throwing a lifeline to the company as it faces a liquidity squeeze, according to people familiar with the matter.
The French chemicals firm, backed by Apollo Global Management, said in a statement late on Wednesday that the proceeds from a new five-year delayed-draw term loan will go toward funding its business plan as well as paying down and terminating €100 million of revolving debt and other commitments.