Chemtura launches $450 million debtor-in-possession credit facility

By Sara Rosenberg

New York, Jan. 19 - Chemtura Corp. held a bank meeting on Tuesday to launch its proposed $450 million debtor-in-possession financing credit facility, according to market sources.

Citigroup is the lead bank on the deal.

The facility consists of a $150 million revolver and a $300 million term loan, with both tranches talked at Libor plus 425 basis points with a 2% Libor floor, sources said.

The original issue discount on the term loan is being talked in the 99 area, sources added.

Chemtura is a Middlebury, Conn.-based manufacturer and seller of specialty chemicals and polymer products.

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