Octel gets $167.143 million credit facility

By Sara Rosenberg

New York, Dec. 19 - Octel Corp. closed on a new $167.143 million 31/2-year credit facility, according to an 8-K filed with the Securities and Exchange Commission Monday.

Lloyds TSB Bank, Barclays Bank, Bank of Scotland and Credit Suisse are involved in the deal.

The facility consists of a $100 million term loan and a $67.143 million revolver, with pricing initially set at Libor plus 250 basis points.

Both the term loan and the revolver can be extended at the end of the first and second years of the facility for an additional 3½ years, subject to the consent of all the lenders.

Proceeds were used to refinance existing debt.

Octel is a Newark, Del.-based chemical company.

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