Ascend Performance launches $1.09 billion loan at Libor plus 500 bps

By Sara Rosenberg

New York, Feb. 2 – Ascend Performance Materials held a lender call at 1 p.m. ET on Tuesday to launch a $1.086 billion term loan that is talked at Libor plus 500 basis points with a 0.75% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

BofA Securities Inc. is the lead on the deal.

Commitments are due at 10 a.m. ET on Friday, the source added.

Proceeds will be used to reprice an existing term loan down from Libor plus 525 bps with a 1% Libor floor.

Ascend Performance Materials is a Houston-based provider of chemicals, fibers and plastics.

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