Arizona Chemical sets $430 million term loan at Libor plus 325 bps

By Sara Rosenberg

New York, March 8 - Arizona Chemical Inc. firmed pricing on its $430 million term loan B (B+) at Libor plus 325 basis points, the tight end of the Libor plus 325 bps to 350 bps talk, according to a market source.

The loan includes a 1.5% Libor floor and 101 soft call protection for one year and is being offered at par.

Goldman Sachs & Co. is the left lead bank on the bank deal.

Proceeds will be used to reprice the company's existing term loan B that was obtained late last year to help fund the company's buyout by American Securities.

Pricing on the existing loan is Libor plus 500 bps with a 1.75% Libor floor, and it was sold at an original issue discount of 981/2. There is 101 soft call protection for one year.

Arizona Chemical is a Jacksonville, Fla., supplier of pine chemicals to the adhesives, inks and coatings and oleochemicals markets.

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