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Columbian Chemicals tightens pricing grid on $375 million facility
By Sara Rosenberg
New York, Nov. 12 - Columbian Chemicals Co. revised the pricing grid on its $375 million senior secured credit facility (Ba3/BB) due in 2015, according to a market source.
Pricing on the facility will now be Libor plus 350 basis points with a 37.5 bps undrawn fee if leverage is less than 1.0 times, Libor plus 375 bps with a 50 bps undrawn fee if leverage is greater than 1.0 times and Libor plus 400 bps with a 62.5 bps undrawn fee if leverage is greater than 3.0 times, the source said.
The facility consists of a $300 million term loan A and a $75 million revolver.
UBS and JPMorgan are the lead banks on the deal.
Proceeds will be used to refinance existing bank debt.
Columbian Chemicals is a Marietta, Ga.-based manufacturer of carbon black.
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