Emerald Performance talks $270 million term B at Libor plus 550 bps

By Sara Rosenberg

New York, April 18 - Emerald Performance Materials LLC launched its $270 million six-year first-lien term loan B on Wednesday with talk of Libor plus 550 basis points with a 1.25% Libor floor and an original issue discount of 981/2, according to a market source.

The loan has 101 soft call protection for one year, the source continued.

Amortization is 1% per annum, with the balance due at maturity.

Commitments are due on May 2.

Jefferies & Co. is the lead bank on the deal.

Proceeds will be used to refinance existing first-lien debt.

In addition, through other arrangers, the company will be getting a new $75 million ABL revolver to replace its existing ABL revolver.

The company's $188 million second-lien term loan is being left in place, but the maturity will be extended so that it comes due after the new term loan B.

Emerald Performance is a Cuyahoga Falls, Ohio-based producer and marketer of technologically advanced specialty chemicals for food and industrial applications.

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