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GCP Applied Technologies to launch $275 million term loan B on Tuesday
By Sara Rosenberg
New York, Jan. 8 – GCP Applied Technologies Inc. is scheduled to hold a bank meeting at 10 a.m. ET in New York on Tuesday to launch a $275 million covenant-light term loan B, according to a market source.
Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Bank of America Merrill Lynch and Citigroup Global Markets Inc. are the bookrunners on the deal. Keybanc Capital Markets, PNC Capital Markets and HSBC Securities (USA) Inc. are the co-arrangers.
The term loan is being done in connection with the company’s spinoff from W.R. Grace & Co. and will be used to fund a distribution to W.R. Grace and for working capital.
Commitments are due on Jan. 21, the source added.
GCP is a Cambridge, Mass.-based provider of products and technology solutions in the specialty construction chemicals, specialty building materials and packaging sealants and coating industries.
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