Oaktree to capture proceeds of Neo Performance's $345 mln IPO
Neo Performance Materials, an advanced-materials supplier that emerged from bankruptcy in 2016, priced its recently filed initial public offering in Canada. The Toronto company is looking to raise $345 million by selling common shares at $19 to $22 per unit, the updated prospectus shows. The issue’s greenshoe option, if fully exercised, would bring the total raised to $345 million. All proceeds from the IPO will go to Neo Performance’s majority owner, Los Angeles distressed investor Oaktree Capital Management. This suggests Oaktree will likely reclaim a sizeable portion of the investment it made when it took control of the company a little over a year ago.
10 November 2017•2 mins read
