| NEW YORK
NEW YORK Jan 21 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
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
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.