Ferro Specialty Plastics seeks $75 million credit facility

By Sara Rosenberg

New York, Sept. 8 - Ferro Specialty Plastics is in market with a $75 million credit facility, according to a market source.

General Electric Capital Corp. is the lead bank on the deal.

The facility consists of a $15 million revolver talked at Libor plus 325 basis points, a $25 million term loan A talked at Libor plus 325 bps, a $30 million term loan B talked at Libor pus 375 bps and a $5 million capex line talked at Libor plus 375 bps, the source said.

Proceeds from the deal, which was launched with a bank meeting on Thursday, will be used to help fund Wind Point Partners' acquisition of the Specialty Plastics business from Ferro Corp.

The company will also be getting $34.5 million of subordinated debt for acquisition financing.

Ferro Specialty Plastics develops and produces customized thermoplastic compounds and alloys, plastic colorants, gelcoats, and thermoset pastes that are marketed to manufacturers in a broad range of end markets.

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