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Ascend launches $1.1 billion term loan B at Libor plus 475-500 bps
By Sara Rosenberg
New York, Aug. 5 – Ascend Performance Materials launched on Monday its $1.1 billion term loan B (B1) with price talk of Libor plus 475 basis points to 500 bps with a 0% Libor floor and an original issue discount of 99, according to a market source.
The term loan has 101 soft call protection for six months, the source said.
BofA Securities Inc., Goldman Sachs Bank USA, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the lead banks on the deal.
Commitments are due at noon ET on Aug. 15, the source added.
Proceeds will be used to refinance existing debt and fund a dividend.
Ascend Performance Materials is a Houston-based provider of chemicals, fibers and plastics.
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