RLPC: Taminco adds to busy week with Wednesday launch

NEW YORK Tue Jan 21, 2014 12:49pm EST

NEW YORK Jan 21 (Reuters) - Taminco Global Chemical Corporation set a lender call for 9 a.m. ET Wednesday for a new bank deal, sources told Thomson Reuters LPC. Citi is leading the transaction.

Taminco is tenth in line with a launch date scheduled for Tuesday or Wednesday this week. The company joins Wednesday bank meetings for the $1.75 billion financing package backing wire and cable producer Southwire Company's purchase of Coleman Cable , along with biotherapeutics company Ikaria's $1.3 billion loan funding the company's LBO by Madison Dearborn Partners. DAE Aviation Holdings is launching an approximately $840 million first- and second-lien credit Tuesday afternoon.

Flowing off the U.S. institutional loan calendar, Community Health is set to allocate Wednesday the roughly $4.63 billion institutional portion of its new acquisition loan.

Investors say that despite the hefty launch calendar, they are less busy than the first two weeks of January. Investors report that they are still waiting for M&A and new money to pick up, as strong technicals continue to make repricing and refinancing compelling, and a significant portion of the calendar is weighted to recycled money.

The institutional calendar stood at about $44 billion Tuesday, or around $39.3 billion excluding the soon-to-trade Community Health loans. About 47 percent of the current calendar is earmarked for leveraged buyout or corporate M&A loans (or just over 40 percent excluding Community Health), while 43 percent is set for repricing or refinancing (or 47.5 percent ex-Community Health).

In January 2013, Taminco repriced its U.S. dollar term loan to LIB+325 with a 1 percent Libor floor. The company also repriced its euro term loan to EUR+350 with a 1 percent Euribor floor.

At September 30, 2013, Taminco had $345 million outstanding on its U.S. dollar term loan and $160 million-equivalent out on its euro term loan.

Taminco closed its initial public offering in April 2013.

Taminco makes chemical building blocks for crop protection, animal feeds, water treatment and drugs.

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