PQ ups spread on $1.22 billion loan repricing to Libor plus 350 bps

By Sara Rosenberg

New York, Feb. 7 - PQ Corp. increased pricing on its $1.22 billion first-lien term loan due Feb. 9, 2018 to Libor plus 350 basis points from Libor plus 325 bps, according to a market source.

The loan still has a 1% Libor floor, a par offer price and 101 soft call protection for one year.

Proceeds are being used to reprice an existing term loan from Libor plus 425 bps with a 1% Libor floor.

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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