Georgia Gulf amends asset-based facility, revising maturity, pricing

By Sara Rosenberg

New York, Jan. 14 - Georgia Gulf Corp. amended its $300 million asset-based credit facility, extending the maturity by two years to January 2016, according to a news release.

In addition, pricing on the facility was reduced to a range of Libor plus 250 basis points to 300 bps from a range of Libor plus 325 bps to 400 bps.

Furthermore, the $15 million availability block in the previous agreement was removed.

As of closing, the company had no cash borrowing on the facility, roughly $20 million of letters of credit backed by the facility and about $280 million of availability.

Georgia Gulf is an Atlanta-based manufacturer of two chemical lines, chlorovinyls and aromatics, and a manufacturer of vinyl-based building and home improvement products.

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