Styron eliminates original issue discount on $1.4 billion term loan

By Sara Rosenberg

New York, Jan. 28 - Styron LLC sold its $1.4 billion 61/2-year term loan (B1/B+) at par, according to a market source. Most recently, the loan had been talked at 99¾ to par.

Pricing on the loan is Libor plus 450 basis points with a 1.5% Libor floor, and there is 101 soft call protection for one year.

Deutsche Bank Securities Inc., HSBC Securities Inc., Barclays Capital Inc. and BMO Capital Markets Corp. are the lead banks on the deal.

Proceeds will be used to refinance an existing term loan, repay revolver borrowings, take out seller notes and fund a dividend.

Styron is a diversified chemical manufacturer of emulsion polymers and plastics based in Midland, Mich.

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