Citadel Plastics withdraws $271 million credit facility from market

By Sara Rosenberg

New York, Dec. 12 - Citadel Plastics Holdings Inc. pulled its $271 million credit facility, which was going to be used to refinance existing debt and to fund a dividend, according to a market source.

The facility consisted of a $30 million revolver, a $172 million first-lien term loan and a $69 million second-lien term loan.

The first-lien term loan was talked at Libor plus 450 basis points to 475 bps with a 1.25% Libor floor and an original issue discount of 99. The second-lien term loan was talked at Libor plus 850 bps to 875 bps with a 1.25% floor and a discount of 98.

Included in the first-lien term loan was 101 soft call protection for one year. The second-lien term loan had call protection of 103 in year one, 102 in year two and 101 in year three.

GE Capital Markets was the lead bank on the deal.

Citadel Plastics is a Chicago-based provider of thermoset and thermoplastic compounds.

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