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General Chemical to launch $425 million term loan repricing on Monday
By Sara Rosenberg
New York, Feb. 25 - General Chemical Performance Products LLC (GenTek Inc.) is scheduled to hold a conference call on Monday to launch a repricing of its $425 million term loan, according to a market source.
Chatter is that the repriced term loan is being whispered in the Libor plus 350 basis points to 375 bps area with a 1.5% Libor floor, a par offer price and 101 soft call protection for one year, the source said. Official price talk, however, is not yet available.
By comparison, the existing term loan is priced at Libor plus 500 bps with a 1.75% Libor floor and had been sold at an original issue discount of 98½ when it was obtained late last year for a dividend recapitalization.
Existing lenders are getting paid down at 102 as a result of the call protection that is in place on the term loan (102 in year one and 101 in year two).
Goldman Sachs is the lead bank on the deal.
General Chemical is a Parsippany, N.J.-based manufacturer of organic and inorganic chemicals.
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