Ashland Inc. completes sale of Drew Marine to J.F. Lehman & Co.

September 02, 2009 5:37 AM

Monday, August 31, 2009 - Ashland Inc. (NYSE:ASH) today completed the sale of its global marine services business, known for many years as Drew Marine, to J. F. Lehman & Co. for approximately $120 million before tax.

Ashland Inc. (NYSE:ASH), a FORTUNE 500*, diversified chemical company provides innovative products, services and solutions to customers around the globe. Ashland has sales and operations in the United States and in more than 100 countries worldwide.

With revenues of approximately $140 million a year, the Drew Marine business has approximately 325 employees, 28 offices and 98 stocking locations in 47 countries. The business is a recognized global leader in providing technical solutions, high-value products and services to the global marine industry. Ashland and J.F. Lehman & Co. expect to produce a smooth transition with no disruption in customer service or supply.

Robin van Bokhorst and Martijn Moerdijk of STvB Advocaten (Curaçao) N.V. acted as special Netherlands Antilles Counsel to J.F. Lehman & Co. for the acquisition and acquisition finance aspects of the transaction. Elizabeth van Schilfgaarde, Pim Hakkart en Marja van Ravenstein of NautaDutilh New York acted on behalf of the senior debt financing syndicate.

Senior debt financing for the acquisition was arranged by BNP Paribas Securities Corp. (as exclusive sole Lead Arranger), CIT Capital Securities LLC (as Co-Arranger) and Siemens Financial Services, Inc. (as Documentation Agent). Subordinated financing was provided by Babson Capital Management LLC. Blank Rome LLP, Jones Day and select international law firms provided legal counsel to J.F. Lehman & Company. Baker & McKenzie provided legal counsel to Ashland Inc.

September 1, 2009