Citadel Plastics launches $185 million facility at Libor plus 550 bps

By Sara Rosenberg

New York, Feb. 2 - Citadel Plastics Holdings Inc. launched a $185 million credit facility on Thursday with price talk of Libor plus 550 basis points with a 1.5% Libor floor and an original issue discount of 98, according to a market source.

The facility consists of a $30 million five-year revolver and a $155 million six-year term loan.

GE Capital Markets and KeyBanc Capital Markets LLC are the lead banks on the deal, with GE the left lead.

Proceeds will be used to help fund the buyout of the company by Huntsman Gay Global Capital from Wind Point Partners.

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

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