PQ readies launch of $1.25 billion credit facility for Thursday

By Sara Rosenberg

New York, Oct. 10 - PQ Corp. is scheduled to hold a bank meeting at 1 p.m. ET in New York on Thursday to launch a $1.25 billion 41/2-year credit facility, according to a market source.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

The facility consists of a $150 million revolver and a $1.1 billion first-lien term loan, the source said.

The term loan has 101 soft call protection for one year.

Also, the deal includes a maximum net first-lien leverage covenant.

Proceeds will be used to refinance existing bank debt.

PQ is a Malvern, Pa.-based producer of specialty inorganic performance chemicals and catalysts.

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