Chemtura launches $395 million term loan B at Libor plus 300 bps

By Sara Rosenberg

New York, March 9 - Chemtura Corp. launched its $395 million term loan B on Wednesday with price talk of Libor plus 300 basis points with a 1% Libor floor and a par offer price, according to a market source.

There is 101 soft call protection for six months, the source said.

Bank of America Merrill Lynch and Citigroup are the lead banks on the deal.

Proceeds will be used to refinance the company's $295 million exit term loan from August 2010, which is priced at Libor plus 400 bps with a 1.5% Libor floor and includes 101 call protection for one year, and for general corporate purposes.

Chemtura is a Middlebury, Conn.-based manufacturer and marketer of specialty chemicals, agrochemicals and pool, spa and home care products.

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