Vantage finalizes $516 million term loan at Libor plus 350 bps

By Sara Rosenberg

New York, Oct. 3 – Vantage Specialty Chemicals Holdings Inc. firmed pricing on its $516,274,560 senior secured covenant-light term loan B (B3/B-) due Oct. 28, 2024 at Libor plus 350 basis points, the low end of the Libor plus 350 bps to 375 bps talk, according to a market source.

The term loan still has a 1% Libor floor, a par issue price, 101 soft call protection for six months and amortization of 1% per annum.

Morgan Stanley Senior Funding Inc., Jefferies LLC and RBC Capital Markets are the joint lead arrangers on the deal.

Proceeds will be used to reprice an existing term loan B.

Closing is expected in late October.

Vantage is a Chicago-based specialty chemicals company.

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