U.S. Markets closed

Taminco looks to raise up to $300M from IPO

NEW YORK (AP) -- Taminco Acquisition Corp. is looking to raise up to $300 million from an initial public offering of common stock, $50 million more than it previously expected.

The company produces of alkylamine derivatives which are used in making products for the agriculture, water treatment, personal and home care, animal nutrition and oil and gas businesses.

The company said in a filing with the Securities and Exchange Commission on Wednesday that it anticipates using net proceeds and available cash to redeem outstanding $250 million notes, pay some fees and interest and to pay a $35 million fee related to the termination of its management consulting agreement with Apollo Global Management LLC.

Apollo will continue to own a majority of the voting power of Taminco's outstanding shares once the IPO closes.

The Allentown, Pa., company has yet to disclose how many shares will be in the IPO or what the anticipated price range will be. The underwriters will have a 30-day option to buy additional shares from certain selling stockholders, but it is not yet known how many shares will be available for them to purchase.

Taminco expects to list its shares on the New York Stock Exchange under the "TAM" ticker symbol.