W.R. Grace talks $900 million term loan at Libor plus 250 bps at 99.5

By Paul A. Harris

Portland, Ore., Jan. 9 - W.R. Grace & Co. talked its $900 million seven-year term loan with a 250 basis points spread to Libor at 99.5 on Thursday, according to a market source.

The loan features a 0.75% Libor floor.

Commitments are due Jan. 22.

The $1.55 billion credit facility also has a $400 million five-year revolver and a $250 million seven-year final maturity delayed-draw term loan.

Goldman Sachs Bank USA, Deutsche Bank Securities Inc., Bank of America Merrill Lynch and HSBC Securities (USA) Inc. are the lead banks on the deal.

Proceeds will be used to help fund the company's emergence from Chapter 11 bankruptcy.

W.R. Grace, a Columbia, Md.-based specialty chemicals company, filed for bankruptcy on April 2, 2001. Its Chapter 11 case number is 01-01139.

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