R&Q Insurance Holdings Ltd. (AIM:RQIH) and Obra Capital, Inc. acquired Mine Safety Appliances Company, LLC from MSA Safety Incorporated (NYSE:MSA) on January 5, 2023. As part of the transaction, MSA Safety Incorporated and it's affiliates contributed $204 million in cash and funded the redemption of approximately $111 million in existing intercompany notes and R&Q and Obra made aggregate capital contributions of $35 million to Mine Safety Appliances Company. Mine Safety Appliances Company also held approximately $26 million in existing cash and marketable securities at the time of the Sale. The transaction was partially funded with a $250 million term loan at an interest rate of 4.81% and a drawdown on the revolving credit facility of $65 million at a weighted average interest rate of 4.81%. David Alberts and Vikram Sidhu of Mayer Brown LLP acted as legal advisor to R&Q Insurance Holdings and Obra Capital, Inc. Kenneth Kansa, Thomas Labuda Jr. and Alexis Cooper of Sidley Austin LLP acted as legal advisor to MSA Safety Incorporated. Kroll, LLC acted as fairness opinion provider to MSA Safety Incorporated and Mine Safety Appliances Company.
R&Q Insurance Holdings Ltd. (AIM:RQIH) and Obra Capital, Inc. completed the acquisition of Mine Safety Appliances Company, LLC from MSA Safety Incorporated (NYSE:MSA) on January 5, 2023. Jefferies Financial Group Inc. (NYSE:JEF) acted as financial advisor to MSA Safety Incorporated in the transaction. Nomura Securities International, Inc. acted as financial advisor to R&Q.