Chemours cuts spread on $1.5 billion term loan B to Libor plus 300 bps

By Sara Rosenberg

New York, May 5 – Chemours Co. trimmed pricing on its $1.5 billion seven-year covenant-light term loan B to Libor plus 300 basis points from Libor plus 325 bps, according to a market source.

Additionally, the original issue discount on the term loan was tightened to 99.5 from 99, and the 101 soft call protection was extended to one year from six months, the source said.

The term loan still has a 0.75% Libor floor.

The company’s $2.5 billion senior secured credit facility (Ba1/BBB-) also includes a $1 billion revolver.

Recommitments are due at noon ET on Wednesday, the source added.

J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC are the lead banks on the deal.

Proceeds will be used to help fund the company’s spinoff from E.I. DuPont de Nemours & Co.

Wilmington, Del.-based Chemours’ businesses include titanium technologies based around the white pigment titanium dioxide, fluoroproducts and chemical solutions aimed at the gold production, oil refining, agriculture, industrial polymers and other industries.

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