PQ to use $720 million second-lien notes for credit facility pay down

By Sara Rosenberg

New York, Oct. 22 - PQ Corp. plans on repaying some of its existing senior secured credit facility debt with proceeds from a $720 million second-lien senior secured notes offering, according to a market source.

As previously reported, the company is already in market with a $1.25 billion 41/2-year credit facility (B2/B+) for the refinancing, that consists of a $150 million revolver and a $1.1 billion first-lien term loan.

Price talk on the term loan is Libor plus 425 basis points with a 1.25% Libor floor and an original issue discount of 99, and there is 101 soft call protection for one year.

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

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