Rockwood Holdings to launch $1.03 billion credit facility on Tuesday

By Sara Rosenberg

New York, Jan. 24 - Rockwood Holdings Inc. is scheduled to hold a bank meeting on Tuesday to launch a proposed $1.03 billion credit facility, according to a market source.

Credit Suisse is the lead bank on the deal.

The facility consists of a $180 million five-year revolver and an $850 million seven-year term loan, the source said.

Price talk on the facility is Libor plus 300 basis points with a 1% Libor floor. The term loan is being offered at an original issue discount of 99½ and the revolver is offered at 99, the source said.

Also, the term loan includes 101 soft call protection for one year.

Proceeds will be used to refinance existing bank debt.

Rockwood is a Princeton, N.J.-based specialty chemicals and advanced materials company.

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