PQ launches $1.22 billion first-lien term loan to investors

By Sara Rosenberg

New York, March 17 - PQ Corp. held a lender call at 5 p.m. ET on Monday to launch a $1,223,000,000 first-lien term loan due August 2017, according to a market source.

Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are the lead banks on the deal.

Price talk on the term loan is Libor plus 300 basis points with a 1% Libor floor and a par offer price, the source said.

Included in the term loan is 101 soft call protection for six months and a maximum net leverage covenant.

Proceeds will be used to reprice an existing term loan from Libor plus 350 bps with a 1% Libor floor.

Commitments are due on March 24, the source added.

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

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