Chemtura trims pricing on $450 million DIP facility to Libor plus 400 basis points

By Sara Rosenberg

New York, Jan. 25 - Chemtura Corp. lowered pricing on its $450 million debtor-in-possession financing credit facility to Libor plus 400 basis points from Libor plus 425 bps, according to a market source.

Tranching on the deal is comprised of a $150 million revolver and a $300 million term loan.

The original issue discount on the term loan was reduced to 99½ from 99, the source said.

As before, both tranches carry a 2% Libor floor.

Citigroup is the lead bank on the deal.

Chemtura is a Middlebury, Conn.-based manufacturer and seller of specialty chemicals and polymer products.

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