Ascend flexes $1.1 billion term loan B to Libor plus 525 bps

By Sara Rosenberg

New York, Aug. 15 – Ascend Performance Materials increased pricing on its $1.1 billion term loan B (B1/BB-) to Libor plus 525 basis points from talk in the range of Libor plus 475 bps to 500 bps, according to a market source.

Also, the Libor floor on the term loan was revised to 1% from 0%, the original issue discount widened to 98 from 99 and a number of changes were made to documentation, 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.

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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