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Chemtura talks $300 million term loan B at Libor plus 400 bps
By Sara Rosenberg
New York, Aug. 11 - Chemtura Corp. is talking its $300 million six-year term loan B at Libor plus 400 basis points with a 1.5% Libor floor and an original issue discount of 98 to 99, according to a market source.
The price talk is based on an expected Ba3 corporate rating and Ba1 facility rating, the source said.
Bank of America, Barclays and Citigroup are the lead banks on the deal, with Bank of America the left lead.
Proceeds will be used for exit financing.
Other funds for the company's emergence from Chapter 11 will come from a $275 million five-year senior secured asset-based revolver and $450 million of notes.
Pricing on the revolver is expected to be Libor plus 325 bps if availability is less than $100 million, Libor plus 300 bps if availability is $100 million to $200 million, and Libor plus 275 bps if availability is greater than $200 million.
Bank of America is the administrative agent the ABL facility.
Chemtura is a Middlebury, Conn.-based manufacturer and seller of specialty chemicals and polymer products.
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