GEON Performance to launch $660 million credit facilities on Thursday

By Sara Rosenberg

New York, July 28 – GEON Performance Solutions LLC will hold a lender call at 10 a.m. ET on Thursday to launch $660 million of credit facilities, according to a market source.

HSBC Securities (USA) Inc., Morgan Stanley Senior Funding Inc. and KeyBanc Capital Markets are the joint lead arrangers on the deal.

The facilities consist of a $60 million five-year revolver and a $600 million seven-year term loan B, the source said.

Price talk on the term loan is Libor plus 500 basis points with a 0.75% Libor floor and an original issue discount of 99, the source continued.

The term loan has 101 soft call protection for one year.

Expected facilities ratings are B2/B+.

Commitments are due at 5 p.m. ET on Aug. 10, the source added.

Proceeds will be used with cash on hand to refinance existing debt and fund a one-time special distribution to shareholders.

GEON Performance is a Westlake, Ohio-based provider of plastic compounded solutions.

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