Davis Polk advised Credit Suisse AG, as administrative and collateral agent for the first-lien facility, and Bank of America, N.A, as administrative and collateral agent for the second-lien facility, in connection with the senior secured facilities provided to Solenis International L.P. and Solenis Holdings 3 LLC, acquisition subsidiaries of Clayton, Dubilier & Rice (CD&R), to finance CD&R’s acquisition of the Water Technologies division of Ashland Inc. The first-lien facility consists of a $630 million term loan facility, a €230 million term loan facility and a $200 million multicurrency revolving facility, each of which is secured on a first-lien basis. The second-lien facility consists of a $470 million term loan facility secured on a second-lien basis. The credit facilities are guaranteed by certain wholly owned domestic subsidiaries of Solenis International, L.P. and will be secured by substantially all of the assets of Solenis International, L.P. and Solenis Holdings 3 LLC and the guarantors thereunder.

Solenis, formerly the Water Technologies division of Ashland, Inc., is a leading international manufacturer and distributor of water treatment chemicals.

The Davis Polk financing team included partner Joseph P. Hadley and associates Stevan R.B. Nicholas, Rebecca Van Derlaske and John Anderson. Counsel Craig A. Phillips and associate Ameya V. Bapat provided tax advice. Counsel Betty Moy Huber provided environmental advice. Counsel Susan D. Kennedy and associate Nicholas D. DiChiara provided real estate advice. Members of the Davis Polk team are based in the New York office.