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Styron gets lender OK on amendment allowing notes, revising covenants
By Sara Rosenberg
New York, July 14 - Styron's credit facility amendment was approved, permitting an $800 million bond offering, eliminating the interest coverage ratio and modifying the secured leverage covenant, according to a market source.
Proceeds from the notes would be used to repay $400 million of term loan debt, and the remainder would fund a dividend.
Deutsche Bank Securities Inc. led the amendment.
Lenders were offered a 15 bps amendment fee.
Styron is a Berwyn, Pa.-based materials company established in June 2010. The company will be changing its name to Trinseo SA later this year.
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