Houghton International to launch $835 million facility next week

By Sara Rosenberg

New York, Nov. 19 - Houghton International Inc. is scheduled to hold a bank meeting at 2 p.m. ET in New York on Nov. 26 and one in London on the morning of Nov. 28 to launch its proposed $835 million credit facility, according to a market source.

RBC Capital Markets LLC is the lead arranger on the deal.

The facility consists of a $50 million revolver, a $535 million first-lien term loan and a $250 million second-lien term loan, the source said.

A portion of the first-lien loan will be syndicated in a euro tranche, the source added.

Proceeds will be used to help fund the acquisition of the company by Gulf Oil Corp. Ltd. for $1.05 billion.

The transaction is subject to customary closing conditions.

Houghton is a Norristown, Pa.-based developer, producer and manager of specialty chemicals, oils and lubricants. Gulf Oil is a Hyderabad, India-based diversified company with business activities in lubricants, industrial explosives, mining and infrastructure services and property development.

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