Ascend Performance firms term loan B spread at Libor plus 550 bps

By Sara Rosenberg

New York, April 4 - Ascend Performance Materials LLC set pricing on its $550 million six-year term loan B at Libor plus 550 basis points, the tight end of the Libor plus 550 bps to 575 bps talk, according to a market source.

The 1.25% Libor floor and an original issue discount of 98 were left unchanged.

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.

Bank of America Merrill Lynch, Jefferies & Co., Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are the lead banks on the deal.

Proceeds will be used to refinance existing debt and return capital to shareholders.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.