Duff & Phelps Advised PSL North America LLC on a §363 Sell Side Transaction
Duff & Phelps is pleased to announce that Jindal Tubular USA LLC (“Jindal Tubular”), a step down subsidiary of Jindal SAW Ltd., has acquired the assets of PSL North America LLC for $104 million.
About PSL North America LLC
PSL North America LLC (“PSL NA” or the “Company”) is a premier manufacturer of large diameter, high pressure steel pipe utilizing state-of-the-art helical submerged arc welding (“HSAW”) technology. The Company has one of the most modern and technologically advanced manufacturing and coating plants in the world capable of producing pipe with diameters up to 120" and lengths up to 80'. The facility sits on a 145-acre site that is strategically located near the Gulf of Mexico providing convenient access to low-cost water, rail and truck transportation. The facility has the capacity to produce 375,000 tons of pipe per year. Over the last five years, the Company has produced over 500 miles of pipe for a diverse group of customers that includes Inergy, Spectra, Sunoco and Williams.
About Jindal Tubular USA LLC
Jindal Tubular is part of the $18 billion O.P. Jindal Group and a U.S. step down subsidiary of Jindal SAW Ltd., which is one of the largest global manufacturers and suppliers of steel and iron pipe products. Jindal SAW’s principal products include large diameter submerged arc pipes and spiral pipes for the energy transportation sector; carbon, alloy, and stainless steel seamless pipes and tubes for use in industrial applications; and ductile iron pipes for water and wastewater transportation. For the fiscal year ending March 31, 2014, Jindal SAW reported revenues of $1.1 billion.
Duff & Phelps acted as PSL NA’s restructuring and M&A advisor. In this capacity, Duff & Phelps advised the Company in navigating the bankruptcy process, assisted in evaluating both in-court and out-of-court restructuring alternatives and initiated, structured and negotiated the sale of substantially all of its assets to Jindal Tubular through a §363 sale process.