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Olin to use note proceeds to prepay portion of $800 million term loan
By Angela McDaniels
Tacoma, Wash., March 6 – Olin Corp. plans to prepay some of the loans outstanding under its $800 million term loan facility due 2018, according to a 424B5 filing with the Securities and Exchange Commission.
The company will use the proceeds of a $500 million offering of 10-year senior notes talked at a yield of 5 5 1/8% to 5 3/8%. The company expects the net proceeds to be about $493.5 million.
Borrowings under the credit facility bear interest at Libor plus a margin that ranges from 100 basis points to 175 bps.
Sumitomo Mitsui Banking Corp. is the administrative agent.
Olin is a Clayton, Mo.-based manufacturer of ammunition, chlorine and sodium hydroxide.
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