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Ascend Performance to launch $550 million term loan B on Tuesday
By Sara Rosenberg
New York, March 26 - Ascend Performance Materials LLC is scheduled to hold a bank meeting at 2 p.m. ET on Tuesday to launch a $550 million six-year term loan B, according to market sources.
Bank of America Merrill Lynch, Jefferies & Co., Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are the lead banks on the deal.
Price talk on the term loan B is Libor plus 550 basis points to 575 bps with a 1.25% Libor floor and an original issue discount of 98, sources said.
The term loan B is non-callable for one year, then at 101 in year two.
In addition, the company is getting a $325 million three-year ABL revolver.
Proceeds will be used to refinance existing debt and return capital to shareholders.
Ascend Performance Materials is a Houston-based producer of nylon chemicals.
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