Formica launches $270 million credit facility via Bank of America, UBS

By Paul A. Harris

St. Louis, Jan. 20 - Formica Corp. launched a $300 million "cross-border" credit facility with bank meetings last Wednesday in New York and Thursday in London, according to an informed source.

Bank of America and UBS are joint arrangers.

The facility is comprised of a $60 million six-year revolving credit facility talked Libor 275 basis points, and a $210 million seven-year term loan B talked Libor plus 300 basis points.

Proceeds will be used to pay a dividend to equity owners, including Cerberus Capital Management and Oaktree Capital.

Formica Corp. is a Cincinnati designer, manufacturer and marketer of branded, design-coordinated decorative surfacing solutions.

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