Stahl withdraws $600 million term loan from primary market

By Sara Rosenberg

New York, July 24 – Stahl pulled its $600 million seven-year first-lien covenant-light term loan (B2/B+) from the primary as a result of market conditions, according to a market source.

Talk on the term loan was Libor plus 400 basis points with a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for one year.

Credit Suisse Securities (USA) LLC and BNP Paribas Securities Corp. were the leads on the deal.

Proceeds were going to be used to refinance existing debt and fund a shareholder dividend.

Stahl is a Netherlands-based specialty chemicals company providing best-in-class solutions for leather products, performance coatings and polymers.

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