Sensient $350 million credit facility priced at Libor plus 175 bps

By Sara Rosenberg

New York, April 8 - Sensient Technologies Corp.'s new $350 million five-year revolving credit facility carries initial pricing of Libor plus 175 basis points, according to an 8-K filed with the Securities and Exchange Commission on Friday.

Pricing can range from Libor plus 130 bps to 210 bps and the commitment fee can range from 20 bps to 40 bps, based on leverage.

Wells Fargo Securities LLC acted as the lead arranger and bookrunner on the deal that was completed on April 7.

Covenants include a ratio of consolidated total funded debt to consolidated EBITDA of not more than 3.5 to 1, a fixed-charge coverage ratio of not less than 2.0 to 1.00 and a consolidated adjusted net worth of at least $625 million.

Proceeds were used to replace a previous $300 million facility set to mature in June 2012 and are available for general corporate purposes.

Sensient is a Milwaukee, Wis.-based manufacturer and marketer of colors, flavors and fragrances.

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