W.R. Grace amends DIP, downsizing revolver, extending maturity

By Sara Rosenberg

New York, April 2 - W.R. Grace & Co. amended its debtor-in-possession financing facility, reducing the revolver size to $165 million and extending the maturity to April 1, 2010, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

The amendment also permits the increase of commitments of existing lenders and/or commitments by new lenders up to an aggregate maximum of $250 million.

The amendment was completed on March 31.

Bank of America is the administrative agent on the deal.

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

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