Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers W > Headlines for W.R. Grace & Co. > News item |
W.R. Grace to launch $300 million term loan B-3 on Tuesday
By Sara Rosenberg
New York, March 22 – W.R. Grace & Co. is scheduled to hold a lender call at 11:30 a.m. ET on Tuesday to launch a $300 million seven-year term loan B-3, according to a market source.
Goldman Sachs Bank USA is the lead arranger on the deal.
Proceeds will be used to help fund the acquisition of the fine chemistry services business of Albemarle Corp. for about $570 million, including $300 million paid in cash at closing and $270 million funded through the issuance to Albemarle of non-participating preferred equity of a newly created Grace subsidiary.
Closing is expected in the second quarter, subject to customary conditions and regulatory approvals.
Net leverage is expected to be about 3.3x at year-end 2021 and in the 2x to 3x range by 2022.
W.R. Grace is a Columbia, Md.-based specialty chemical company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.