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General Chemical talks $425 million term loan at Libor plus 350 bps
By Sara Rosenberg
New York, March 1 - General Chemical Performance Products LLC (GenTek Inc.) firmed price talk on its $425 million term loan at Libor plus 350 basis points with a 1.5% Libor floor, a par offer price and 101 soft call protection for one year, according to sources.
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 & Co. is the lead bank on the repricing deal that launched with a call on Monday.
General Chemical is a Parsippany, N.J.-based manufacturer of organic and inorganic chemicals.
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