Axiall syndicates term loan, lowers pricing to Libor plus 250 bps

By Angela McDaniels

Tacoma, Wash., March 19 - Axiall Corp., formerly Georgia Gulf Corp., said that subsidiary Eagle Spinco Inc. amended its senior secured term loan, syndicating the facility and modifying the interest rate.

The interest rate was lowered to Libor plus 250 basis points from Libor plus 275 bps. The Libor floor is 1%.

The amendment was made Friday, according to an 8-K filing with the Securities and Exchange Commission.

Axiall is a chemicals and building products company based in Atlanta. It was created in January when Georgia Gulf acquired substantially all of the assets and liabilities of PPG Industries, Inc.'s chlorine and caustic soda business.

Eagle entered into the four-year term loan on Jan. 28 in order to help finance the acquisition. Barclays Bank plc is the administrative agent.

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