Methanol Holdings talks $300 million term B at Libor plus 325-350 bps

By Sara Rosenberg

New York, June 5 – Methanol Holdings (Trinidad) Ltd. is shopping its $300 million seven-year term loan B (Ba3) with price talk of Libor plus 325 basis points to 350 bps with a 0.75% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has a 25 bps pricing step-down based on leverage and 101 soft call protection for six months, the source said.

The company’s $600 million credit facility also includes a $300 million five-year revolver.

J.P. Morgan Securities LLC and Morgan Stanley Senior Funding Inc. are the lead banks on the deal that launched with a bank meeting on Tuesday.

Proceeds will be used to refinance existing debt and for general corporate purposes.

Commitments are due on June 12, the source added.

Methanol Holdings is a Couva, Trinidad-based producer, marketer and distributor of methanol.

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