Vertellus Specialties gets $85 million asset-based revolver led by PNC

By Sara Rosenberg

New York, Oct. 4 - Vertellus Specialties Inc. closed on a new $85 million senior secured asset-based revolving credit facility due March 31, 2015, according to a news release.

PNC Bank is the administrative agent on the deal.

There is a $40 million accordion feature.

Proceeds were used, along with proceeds from $345 million of notes, to repay first- and second-lien bank debt.

Vertellus is an Indianapolis-based provider of specialty chemicals for the agriculture, nutrition, pharmaceutical and medical, personal care, plastics, coatings and industrial markets.

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