Albaugh readies launch of $300 million term loan B for Tuesday

By Sara Rosenberg

New York, April 25 - Albaugh Inc. is scheduled to hold a bank meeting on Tuesday afternoon to launch a $300 million covenant-light term loan B, according to a market source.

HSBC Securities (USA) Inc. is the lead bank on the deal.

Along with the term loan, the company will be getting a new revolver for which details are still to be announced, the source said.

Proceeds will be used to refinance existing debt and for general corporate purposes.

Albaugh is an Ankeny, Iowa-based producer of generic crop protection products.

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