Published by Gbaf News
Posted on May 8, 2014
2 min readLast updated: January 22, 2026
Offering used to finance buyout of Signode by private equity firm The Carlyle Group
In a noteworthy private equity financing transaction, Milbank, Tweed, Hadley & McCloy LLP represented the initial purchasers in a $750 million high-yield debt offering issued to help finance the buyout of Signode Industrial Groupby leading private equity investorThe Carlyle Group.
Rod Miller
Milbank advised Goldman, Sachs & Co. and J.P. Morgan Securities LLCand the other initial purchasers of the 8-year notes, carrying a yield of 6.375%. The notes offering closed on April 29 and Carlyle completed its acquisition on May 1.
Earlier this year, Carlyle announced its intention to acquire Signode, formerly known as Industrial Packaging Group, from Illinois Tool Works Inc.,in a buyout valued at $3.2 billion.
Signode is a global manufacturer of industrial packaging, tools and equipment. Based in Glenview, Illinois, the 100-year-old company has 88 manufacturing locations globally, which allows it to reach customers in over 60 countries.
Milbank’s deal team was led by Milbank securities partners Rod Miller and Stuart Morrissy, leveraged finance partner Lauren Hanrahan and tax partner Andrew Walker along with associates JonathanBrown, Jessica Cunningham, Susan Yanes, Max WeissandErika Hauser.
“The high-yield sector has been one of the hottest parts of the securities market and a major contributor to the strong pace of private equity deals this year,” Mr. Miller said. “We’re extremely pleased to have played a key role in helping finance Carlyle’s acquisition of a crown jewel manufacturer such as Signode, which is certain to continue growing globally as a stand-alone company.”
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