PQ Corp. reworks U.S. and euro term loan sizes, raises pricing

By Sara Rosenberg

New York, Nov. 8 – PQ Corp. downsized its U.S. term loan to $930 million from $950 million and upsized its euro term loan to €284 million from €265 million, according to a market source.

Also, pricing on the U.S. term loan was changed to Libor plus 425 basis points from Libor plus 375 bps and pricing on the euro term loan was increased to Euribor plus 400 bps from Euribor plus 375 bps, the source said.

Furthermore, the issue price on the term loans firmed at par, the tight end of the 99.75 to par talk.

Both term loans still have a 1% floor and 101 soft call protection for six months.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are the lead banks on the deal.

Proceeds will be used to reprice existing term loans down from Libor/Euribor plus 475 bps with a 1% floor and add to cash on hand.

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

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