Formica readying $325 million credit facility via Bank of America

By Sara Rosenberg

New York, July 5 - Formica Corp. is expected to come to market with a $325 million credit facility via lead bank Bank of America, according to a market source, who said that the launch could happen as early as this week.

The facility consists of a $50 million revolver, a $225 million first-lien term loan of which at least half will be dollar denominated and the remainder will contain a UK piece, a Canadian piece and another European piece, and a $50 million second-lien term loan, the source said.

Proceeds will be used for a dividend payment and to buy back some existing bonds.

Formica is a Cincinnati-based designer and manufacturer of surfacing materials.

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