Innophos $270 million credit facility to launch Wednesday

By Sara Rosenberg

New York, July 16 - Innophos Holdings is scheduled to hold a bank meeting on Wednesday for its proposed $270 million credit facility, according to a market source.

Bear Stearns and UBS are the lead banks on the deal, with Bear Stearns listed on the left.

The facility consists of a $50 million revolving credit facility and a $220 million term loan, the source said, adding that price talk is not unavailable at this time.

Proceeds will be used to help fund Bain Capital's acquisition of Rhodia's North American specialty phosphates business for an enterprise value of $550 million. The acquisition, which was first announced on June 11, is expected to close in the third quarter.

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