PQ launches $200 million add-on term loan at Libor plus 375 bps

By Sara Rosenberg

New York, March 29 - PQ Corp. held a conference call at 11 a.m. ET on Thursday to launch a $200 million add-on first-lien term loan that is talked at Libor plus 375 basis points with no Libor floor and an original issue discount of 98, according to a market source.

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

Proceeds will be used to pay down revolver borrowings.

Commitments are due on April 6.

In connection with the add-on, the company is amending its existing credit facility to allow for the new debt.

Furthermore, the existing term loan will be repriced to Libor plus 375 bps from Libor plus 325 bps, the source added.

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

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