Albemarle $700 million credit facility launches

By Sara Rosenberg

New York, May 12 - Albemarle Corp. held a bank meeting on Wednesday to launch a $700 million credit facility, according to a market source. Bank of America and UBS are the lead banks on the deal, with Bank of America listed on the left.

In addition, Bear Stearns has committed to the deal.

The facility consists of a $300 million five-year revolver and a $400 million seven-year term loan, the source said.

Proceeds will be used to help fund the previously announced acquisition of Akzo Nobel NV's catalyst business for €625 million in cash. The acquisition is expected to close in the second quarter of 2004, and management anticipates it will be immediately cash accretive and accretive to earnings in 2005.

Albemarle is a Richmond, Va., producer of specialty chemicals.

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