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Omnova $230 million credit facility expected to launch next week
By Sara Rosenberg
New York, April 23 - Omnova Solutions Inc. is anticipated to hold a bank meeting sometime next week to launch its proposed $230 million credit facility, according to a market source.
The facility consists of an $80 million ABL revolver and a $150 million term loan B, the source said.
Deutsche Bank is the bookrunner on the term loan B and JPMorgan is the bookrunner on the ABL revolver.
Proceeds will be used to help fund a cash tender offer for the company's $165 million of 11¼% secured notes due 2010.
The tender offer is scheduled to expire on May 18 and is conditioned on the company getting the new term loan.
Omnova is a Fairlawn, Ohio, provider of emulsion polymers and specialty chemicals, and decorative and functional surfaces for various commercial, industrial and residential end uses.
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