Ascend Performance flexes $1.09 billion loan to Libor plus 475 bps

By Sara Rosenberg

New York, Feb. 5 – Ascend Performance Materials reduced pricing on its $1.086 billion term loan to Libor plus 475 basis points from Libor plus 500 bps, according to a market source.

The 101 soft call protection on the term loan was extended to one year from six months.

The term loan still has a 0.75% Libor floor and a par issue price.

BofA Securities Inc. is the lead on the deal.

Recommitments were scheduled to be due at 5 p.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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