PQ readies launch of $1.22 billion term loan repricing for Wednesday

By Sara Rosenberg

New York, Jan. 29 - PQ Corp. will be holding a call at 10 a.m. ET on Wednesday to launch a repricing of its $1.22 billion first-lien term loan due Feb. 9, 2018, according to a market source.

The company is looking to take the loan down to Libor plus 325 basis points with a 1% Libor floor from Libor plus 425 bps with a 1% Libor floor, the source said.

The repriced loan is being offered at par and has 101 soft call protection for one year.

Existing lenders are getting paid out at 101.

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

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

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