Kraton launches $90 million add-on term loan at par issue price

By Sara Rosenberg

New York, May 14 – Kraton LLC held a lender call on Monday to launch a $90 million add-on term loan (Ba3) that is talked at Libor plus 250 basis points with a 1% Libor floor and a par issue price, according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to help fund a tender offer for the company’s 10˝% senior notes due 2023.

Other funds for the tender offer will come from the issuance of €290 million of senior notes due 2026, and borrowings under the company’s existing asset-based revolving credit facility and/or cash on hand.

Kraton is a Houston-based producer of engineered polymers and styrenic block copolymers.

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