Albemarle adds $750 million delayed-draw term loan facility

By Wendy Van Sickle

Columbus, Ohio, Dec. 15 – Albemarle Corp. and Albemarle New Holding GmbH entered into a second amendment and restatement of its Aug. 14, 2019 agreement with JPMorgan Chase Bank NA as administrative agent to terminate the tranche 2 commitments and establish a $750 million delayed-draw term loan, according to an 8-K filing with the Securities and Exchange Commission.

The new term facility permits up to four borrowings totaling $750 million for general corporate purposes. The lenders’ commitment to provide loans terminates on Dec. 9, 2022. Each loan issued under the facility terminates 364 days after funding.

The company may request to extend the mature of loans under the new term facility for up to four additional years.

Borrowings bear interest at Libor plus a margin ranging from 87.5 basis points to 137.5 bps, depending on credit ratings. At closing, the margin was 112.5 bps.

The amendment also provides for a transition to a new interest rate benchmark to replace Libor.

Albemarle is a Baton Rouge, La., specialty chemicals company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.