Ascend Performance to launch $500 million term loan on Wednesday

By Sara Rosenberg

New York, Aug. 2 – Ascend Performance Materials LLC is scheduled to hold a lender call on Wednesday to launch a $500 million six-year covenant-light term loan, according to a market source.

Bank of America Merrill Lynch and Wells Fargo Securities LLC are the lead banks on the deal.

Proceeds will be used to repay ABL revolver borrowings and an existing term loan B, the source said.

Ascend Performance Materials is a Houston-based provider of chemicals, fibers and plastics.

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