PQ sets Monday launch for $410 million credit facility, reveals price talk

By Sara Rosenberg

New York, Jan. 18 - PQ Corp. has scheduled its bank meeting for Monday to launch its proposed $410 million credit facility, according to a market source. Previously, it was known that the deal would launch this month with some pointing to either a Friday or a Monday launch.

Furthermore, price talk came out with the $100 million revolver talked at Libor plus 250 basis points and the $310 million term loan B talked at Libor plus 250 basis points, the source said.

JPMorgan and UBS are the lead banks on the credit facility, with JPMorgan the left lead.

Proceeds from the loan and a proposed bond offering will be used to help fund JPMorgan Partners' leveraged buyout of PQ, a Berwyn, Pa.-based chemicals and engineered glass materials company.

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