Quaker Chemical amends existing credit agreement with BofA

Chicago, June 21 – Quaker Chemical Corp. amended its existing credit agreement on June 17 with Bank of America, NA listed as administrative agent, according to an 8-K filed with the Securities and Exchange Commission.

The amended credit agreement establishes a new senior secured euro-denominated term loan facility for Quaker Houghton BV (a wholly owned subsidiary) for $150 million, a new senior secured dollar-denominated term loan facility for $600 million and a new revolver for $500 million with the latter two listing Quaker Chemical as borrower.

Proceeds will be used to repay in full all outstanding loans under the existing credit agreement.

There is an accordion feature for an additional $300 million or 100% of consolidated EBITDA, whichever is greater.

Borrowings bear interest at SOFR plus 100 basis points to 175 bps, based on the company’s consolidated net leverage ratio. The credit spread adjustment is 10 bps.

The amended credit agreement matures on June 17, 2027.

PNC Bank, NA, Citizens Bank, NA, JPMorgan Chase Bank, NA, Wells Fargo Bank, NA, TD Bank, NA and U.S. Bank NA are the co-syndication agents.

BofA Securities, Inc., PNC Capital Markets LLC, Citizens Bank, NA, JPMorgan Chase Bank, NA, Wells Fargo Securities, LLC, TD Bank, NA and U.S. Bank NA are the joint lead arrangers and joint bookrunners.

The specialty chemicals company is based in Conshohocken, Pa.

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