Orion starts trading on NYSE

US carbon black supplier Orion Engineered Carbons, has priced the initial public offering of 19.5 million common shares at a price to the public of US$18 per share. The shares began trading on the New York Stock Exchange on July 25. The common shares are being offered by Kinove Luxembourg Holdings, the majority shareholder in the company. The company will not receive any proceeds from the sale of common shares in this offering and will change its legal form to a Luxembourg joint stock corporation and its name to Orion Engineered Carbons SA, prior to the completion of the offering, which closed on July 30.

"This initial public offering is the culmination of three years of hard work and success," said Jack Clem, CEO. "We are very pleased with the results and look forward to our future as a public company.”

Orion is backed by private equity firms Triton Capital and Rhone Group, which each own 41.83% of the company through Kinove. Orion was created in July 2011, when Triton and Rhone acquired the carbon black operations of Evonik Industries Group in a transaction valued at over EUR900 million.

The company reported a 4% drop in revenue to EUR1.34 billion for 2013 from the previous year.

Kinove intends to use the proceeds from its sale of common shares to repay the principal amount of its outstanding PIK toggle notes due 2019, the company said.

(PRA)

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