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PQ Corp. launches $50 million add-on loan, U.S. and euro repricing
By Sara Rosenberg
New York, Oct. 31 – PQ Corp. launched on Monday a $50 million add-on term loan and a repricing of its existing U.S. dollar and euro term loans at talk of Libor/Euribor plus 375 basis points with a 1% floor and an issue price of 99.75 to par, according to a market source.
The add-on term loan and repriced term loans have 101 soft call protection for six months, the source said.
J.P. Morgan Securities LLC is the lead bank on the deal.
Commitments are due at noon ET on Nov. 7, the source added.
Proceeds from the add-on term loan will be used to add to cash on hand and the repricing will take the existing term loans down from Libor/Euribor plus 475 bps with a 1% floor.
At closing in May, the U.S. term loan was sized at $900 million and the euro term loan was sized at $300 million-equivalent.
PQ is a Malvern, Pa.-based producer of specialty inorganic performance chemicals and catalysts.
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