Chemours reworks U.S. and euro loan sizes, sets issue prices at par

By Sara Rosenberg

New York, March 29 – Chemours Co. downsized its U.S. term loan B due May 12, 2022 to $940 million from $1,022,000,000 and upsized its euro term loan B due May 12, 2022 to €400 million from €325 million, according to a market source.

Also, the issue price on both term loans firmed at par, the tight end of the 99.75 to par talk, the source said.

As before, the U.S. term loan is priced at Libor plus 250 basis points with a 0% Libor floor, and the euro term loan is priced at Euribor plus 225 bps with a 0.75% floor.

Barclays and J.P. Morgan Securities LLC are the joint lead arrangers on the deal.

Recommitments were scheduled to be due at noon ET on Wednesday, the source added.

Allocations are expected on Thursday.

Proceeds will be used to reprice/refinance an existing term loan B due 2022 and to pay related fees and expenses.

Chemours is a Wilmington, Del.-based provider of performance chemicals.

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