W.R. Grace repays about $500 million in term loans post GCP separation

By Tali Rackner

Norfolk, Va., Feb. 25 – W.R. Grace & Co. said it repaid $426.9 million of its U.S. dollar term loan and €67.3 million of its euro term loan with funds from its separation agreement with GCP Applied Technologies Inc., according to a 10-K filing with the Securities and Exchange Commission.

On Jan. 27, W.R. Grace entered into a separation agreement with GCP, then a wholly owned subsidiary of W.R. Grace, under which W.R. Grace agreed to transfer its Grace Construction Products operating segment and the packaging technologies business, operated under the “Darex” name, of its Grace Materials Technologies operating segment to GCP.

GCP paid W.R. Grace $750 million in connection with the separation.

W.R. Grace is a Columbia, Md.-based specialty chemicals company. GCP is a Cambridge, Mass.-based provider of products and technology solutions in the specialty construction chemicals, specialty building materials and packaging sealants and coating industries.

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