Wellman gets $225 million revolver

By Sara Rosenberg

New York, May 5 - Wellman Inc. closed on a new $225 million five-year revolving credit facility, according to a company news release.

Deutsche Bank acted as lead arranger and bookrunner, JP Morgan Chase Bank acted as syndication agent, and General Electric Capital Corp., LaSalle Business Credit LLC and Wachovia Capital Finance acted as co-documentation agents.

Availability under the revolver was about $120 million at closing.

The new revolver replaces the company's previous $175 million credit facility.

"Our new revolving credit facility was oversubscribed and well received by the syndicated loan market. Deutsche Bank was very helpful in arranging a facility that permits us to borrow on better terms and conditions, reduces our borrowing costs, and maximizes our liquidity," said Keith Phillips, chief financial officer in the release.

Wellman is a Fort Mill, S.C.-based manufacturer and marketer of high-quality polyester products.

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