Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers G > Headlines for Gemini HDPE LLC > News item |
Gemini HDPE firms $600 million term loan B at Libor plus 300 bps
By Sara Rosenberg
New York, Dec. 11 – Gemini HDPE LLC finalized pricing on its $600 million seven-year senior secured term loan B (Ba3/BB) at Libor plus 300 basis points, the low end of the Libor plus 300 bps to 325 bps talk, according to a market source.
The term loan still has a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.
Security is a first priority lien on substantially all assets with customary exceptions, all intercompany debt owed to the borrower and 100% of the equity interests in the borrower.
Barclays and Morgan Stanley Senior Funding Inc. are the bookrunners on the deal. Barclays is the administrative agent.
Proceeds will be used to amend and extend an existing term loan B and fund the $404 million acquisition by Ineos Olefins and Polymers USA of Sasol’s 50% interest in the company and, thereby, become the 100% owner of the asset.
The transaction is targeted to close on Dec. 31.
Gemini HDPE is a Bimodal High-Density Polyethylene plant situated in La Porte, Tex.
© 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.