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Axiall cuts spread on $250 million term loan B to Libor plus 325 bps
By Sara Rosenberg
New York, Feb. 26 – Axiall Corp. reduced pricing on its $250 million senior secured term loan B (Ba1/BBB-) due in 2022 to Libor plus 325 basis points from Libor plus 350 bps, according to a source.
The term loan still has a 0.75% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months.
Recommitments were due at noon ET on Thursday, the source said.
Wells Fargo Securities LLC and RBC Capital Markets LLC are the joint lead arrangers on the deal, and HSBC Securities (USA) Inc., PNC Capital Markets LLC and SunTrust Robinson Humphrey Inc. are the co-arrangers.
Proceeds will be used to refinance an existing term loan due in 2017 and for general corporate purposes.
Closing is expected this quarter, subject to market conditions, as well as the negotiation and execution of definitive documents and the satisfaction of customary conditions.
Axiall is an Atlanta-based chemicals and building products company.
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