W.R. Grace gets $1.25 billion term loan, $450 million revolver

By Wendy Van Sickle

Columbus, Ohio, Sept. 22 – W.R. Grace & Co. entered into a credit agreement on Wednesday that provides for a $1.25 billion term loan and a $450 million revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The term loan matures on the earlier of Sept. 22, 2028 and March 16, 2027 if on that date at least $150 million of W.R. Grace Holdings LLC’s or W.R. Grace & Co.-Conn.’s 4 7/8% senior secured notes due 2027 remain outstanding.

The revolver matures on the earlier of Sept. 22, 2026 or July 2, 2024 if on that day any of W.R. Grace Holdings LLC’s or W.R. Grace & Co.-Conn.’s 5 5/8% senior secured notes due 2024 remain outstanding.

Borrowings bear interest at an adjusted Libor plus a margin that was not specified in the filing.

Proceeds may be used to pay a portion of the consideration of the merger between W.R. Grace Holdings LLC and W.R. Grace & Co.-Conn. Term loan proceeds may also be used to repay existing debt under the credit agreement dated April 3, 2018 with Goldman Sachs Bank USA as administrative agent, which was repaid and terminated.

W.R. Grace is a Columbia, Md.-based specialty chemical company.

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