Citadel Plastics flexes $185 million facility to Libor plus 525 bps

By Sara Rosenberg

New York, Feb. 22 - Citadel Plastics Holdings Inc. reduced pricing on its $185 million credit facility to Libor plus 525 basis points from Libor plus 550 bps and added a step-down to Libor plus 500 bps at less than 3.75 times leverage, according to a market source.

Also, the original issue discount on the deal was revised to 99 from 98, the source said.

The 1.5% Libor floor was left unchanged.

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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