Element Solutions, MacDermid get $375 million replacement revolver

By Wendy Van Sickle

Columbus, Ohio, Nov. 15 – Element Solutions Inc. and MacDermid, Inc. amended their credit agreement dated Jan. 31, 2019 with Citibank, NA as administrative agent on Tuesday to provide for a $375 million revolver, according to an 8-K filing with the Securities and Exchange Commission.

The revolver replaces the existing $330 million revolver.

The new revolver will mature on Nov. 15, 2027. It has an increase sublimit of $115 million, up from $100 million.

No borrowings were made at closing.

Borrowings will initially bear interest at term SOFR plus a spread of 175 basis points. The spread can vary from 150 bps to 200 bps, depending on the company’s net leverage ratio.

A fee on undrawn commitments will range from 20 bps to 25 bps.

Citibank was named as successor administrative agent after Barclays Bank plc resigned immediately before the amendment effective date.

Credit Suisse Loan Funding LLC, Barclays, UBS Securities LLC, HSBC Securities (USA) Inc., Citibank, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Nomura Securities International, Inc. and Wells Fargo Securities, LLC are the joint lead arrangers and bookrunners.

Credit Suisse Loan Funding is the syndication agent.

Element is a Fort Lauderdale, Fla.-based provider of specialty chemical solutions.

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