| NEW YORK
NEW YORK Feb 21 Specialty chemical provider
Ashland Inc will be launching on Friday a $1.2 billion
revolving credit facility that will refinance existing debt,
sources told Thomson Reuters LPC.
Citigroup leads the deal. Bank of Nova Scotia, Bank of
America Merrill Lynch, Deutsche Bank and PNC are to the right of
The company will use proceeds from a $2.3 billion note sale
that priced today to repay $1.2 billion outstanding under the
existing term loan A and $1.03 billion outstanding under the
existing term loan B.
The company entered these loans on August 23, 2011, as part
of its $3.2 billion acquisition of International Specialty
Products and refinanced a credit agreement dated from March
The loans then included a $1 billion, five-year revolver, a
$1.5 billion, five-year term loan A and a $1.4 billion term loan
B. Drawn pricing on the revolver and TLA opened at 225bp over
Libor. The revolver also pays a 40bp undrawn commitment fee. The
TLB pays 275bp over Libor.
Bank of Nova Scotia led the deal.