Haas Group ups spread on $210 million facility to Libor plus 450 bps

By Sara Rosenberg

New York, April 15 - Haas Group International increased pricing on its $210 million credit facility to Libor plus 450 basis points from Libor plus 425 bps, according to a market source.

The facility consists of a $30 million revolver and a $180 million term loan B.

With the flex in coupon, the Libor floor on the term loan B was raised to 1.25% from 1%, the source said. The revolver has no floor.

As before, both tranches have an original issue discount of 991/4.

Bank of Ireland is the lead bank on the deal.

Proceeds will be used to refinance existing debt and fund a dividend.

Closing is expected to occur on Tuesday, the source added.

Haas Group is a chemical supply chain management services company and a distributor of aerospace chemicals and consumables.

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