Arch Chemicals gets $100 million term loan

By Sara Rosenberg

New York, Feb. 17 - Arch Chemicals Inc. closed on a new $100 million unsecured term loan due June 15, 2011, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Bank of America and Greenwich Capital Markets acted as the joint lead arrangers and joint bookrunners on the deal that was completed on Feb. 13.

Pricing on the loan can range from Libor plus 225 basis points to 325 bps based on leverage.

There is a $25 million accordion feature.

Financial covenants include interest coverage and leverage covenants.

Proceeds were used to repay some borrowings under the company's revolving credit facility.

Arch Chemicals is a Norwalk, Conn.-based biocides company.

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