Methanol cuts term B to $290 million, firms at Libor plus 350 bps

By Sara Rosenberg

New York, June 16 – Methanol Holdings (Trinidad) Ltd. downsized its seven-year term loan B (Ba3) to $290 million from $300 million and finalized pricing at Libor plus 350 basis points, the wide end of the Libor plus 325 bps to 350 bps talk, according to a market source.

In addition, the original issue discount on the term loan B widened to 99 from 99.5, the source said.

The loan still has a 25 bps pricing step-down based on leverage, a 0.75% Libor floor and 101 soft call protection for six months.

The company’s now $590 million credit facility, down from $600 million, 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.

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

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

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