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Ionics Taps Trio For Ecolochem Purchase

23 Nov 2003

Ionics, a developer and manufacturer of systems and services for water treatment, has tapped UBS, Bank of America and Fleet Securities for $250 million in bank debt to back the acquisition of Ecolochem.

Ionics , a developer and manufacturer of systems and services for water treatment, has tapped UBS , Bank of America and Fleet Securities for $250 million in bank debt to back the acquisition of Ecolochem . Ionics is purchasing the company for $200 million in cash and 4.91 million shares of Ionics' common stock, which is approximately $138 million. The debt is split into a $75 million revolver and a $175 million term loan. The bank meeting is slated for either year-end or the beginning of next year, a banker said. Ecolochem provides emergency, short-term and long-term mobile water treatment services. Calls to Theodore Papastavros , executive v.p. and treasurer of Ionics, were not returned by press time.

 

23 Nov 2003