Arizona Chemical sets Wednesday launch for $940 million facility

By Sara Rosenberg

New York, May 22 - Arizona Chemical Inc. scheduled a bank meeting for Wednesday to launch its $940 million credit facility, according to a market source.

When plans for the deal first came out around mid-May, timing was labeled as next few weeks business.

Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, Jefferies Finance LLC and SunTrust Robinson Humphrey Inc. are the lead banks on the deal.

The facility consists of a $60 million five-year revolver, a $675 million seven-year covenant-light first-lien term loan and a $205 million eight-year covenant-light second-lien term loan.

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

Arizona Chemical is a Jacksonville, Fla.-based biorefiner of pine chemicals.

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