Ascend Performance launches term loan via Morgan Stanley, Bank of America

By Sara Rosenberg

New York, Sept. 20 - Ascend Performance Materials LLC held a bank meeting on Monday morning to launch its proposed term loan, according to market sources.

Morgan Stanley and Bank of America are the lead banks on the loan.

Pricing, structure and tranching on the term loan will be determined once ratings are received, one source said.

However, it has been floating around the market that the term loan may be structured as an $800 million six-year term loan B, a second source added.

In addition, the company is getting a $275 million ABL revolver that is being dome through a club-style syndication.

Wells Fargo is leading the revolver.

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

Leverage is 3.2 times.

Ascend Performance Materials is a Houston-based producer of nylon chemicals.

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