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Styron ups loan to $1.4 billion, cuts spread to Libor plus 450 bps
By Sara Rosenberg
New York, Jan. 20 - Styron LLC increased its 61/2-year term loan (B1/B+) to $1.4 billion from $1.3 billion and reduced pricing to Libor plus 450 basis points from Libor plus 500 bps, according to a market source.
In addition, while the 1.5% Libor floor and 101 soft call protection for one year were left unchanged, the original issue discount was moved to the 99¾ to par context from 99, the source said.
Commitments are now due at the end of the day on Thursday. Originally, the deadline had been set for Feb. 1.
Deutsche Bank Securities Inc., HSBC Securities Inc., Barclays Capital Inc. and BMO Capital Markets Corp. are the lead banks on the deal.
Proceeds will be used to refinance an existing term loan, repay revolver borrowings, take out seller notes and fund a dividend.
Styron is a diversified chemical manufacturer of emulsion polymers and plastics based in Midland, Mich.
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