W.R. Grace talks $900 million in term loans at Libor plus 200-225 bps

By Sara Rosenberg

New York, Feb. 14 – W.R. Grace & Co. launched on Wednesday its $900 million of seven-year first-lien term loans with price talk of Libor plus 200 basis points to 225 bps with a 0% Libor floor and an original issue discount of 99.75, according to a market source.

The term loan debt has 101 soft call protection for six months and amortization of 1% per annum, the source said.

The debt consists of a $300 million term loan B-1 and a $600 million term loan B-2.

Along with the term loans, the company’s $1.3 billion of senior secured credit facilities (Ba1/BBB-) include a $400 million revolver.

Goldman Sachs Bank USA is the bookrunner on the deal.

Commitments are due on Feb. 22, the source added.

Proceeds will be used to refinance existing debt and for mergers and acquisitions.

W.R. Grace is a Columbia, Md.-based product development and manufacturing company that produces and sells specialty chemicals and materials.

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