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PQ widens discount price on $200 million add-on term loan to 97½
By Sara Rosenberg
New York, April 10 - PQ Corp. revised the original issue discount to 97½ from 98 on its $200 million add-on first-lien term loan (B3/B+) due July 30, 2014, according to a market source.
Pricing on the add-on, which is fungible with the existing term loan, is Libor plus 375 basis points with no Libor floor.
Credit Suisse Securities (USA) LLC is the lead bank on the deal.
Proceeds will be used to pay down revolver borrowings.
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 is being repriced to Libor plus 375 bps from Libor plus 325 bps.
PQ is a Malvern, Pa.-based producer of specialty chemicals and catalysts.
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