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Chemours finalizes $900 million term loan at Libor plus 175 bps
By Sara Rosenberg
New York, March 26 – Chemours Co. set pricing on its $900 million seven-year term loan at Libor plus 175 basis points, the low end of the Libor plus 175 bps to 200 bps talk, according to a market source.
As before, the U.S. term loan has a 0% Libor floor and an original issue discount of 99.75.
Regarding the company’s euro seven-year term loan, it was upsized to €350 million from €300 million and pricing finalized at Euribor plus 200 bps, the low end of the Euribor plus 200 bps to 225 bps talk, the source said.
Also, the discount on the euro term loan was tightened to 99.875 from 99.75.
The euro term loan still has a 0.5% floor.
Both term loans have 101 soft call protection for six months.
J.P. Morgan Securities LLC and Citigroup Global Markets Inc. are the lead banks on the deal.
Proceeds will be used to refinance existing debt.
Chemours is a Wilmington, Del.-based provider of performance chemicals.
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