Olin gets $2 billion of replacement facilities as part of refinancing

By Sarah Lizee

Olympia, Wash., July 17 – Olin Corp. announced that it obtained replacement facilities consisting of an $800 million revolver and a $1.2 billion delayed-draw term loan.

Borrowings under the replacement credit facilities will bear interest at rates determined based on the company's leverage ratio or, should Olin achieve and maintain investment-grade credit ratings, on its credit ratings.

The new facilities were obtained as part of the company’s refinancing transactions, which included an offering of $750 million of senior notes due 2029.

Proceeds from the notes were used to prepay all of its outstanding senior term loans and all of the loans outstanding under its receivables financing credit facility.

Remaining proceeds from the notes will be used for general corporate purposes.

Olin is a Clayton, Mo.-based manufacturer and distributor of chemical products and a manufacturer of ammunition.

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