Rockwood cuts spread on $1.03 billion facility to Libor plus 275 bps

By Sara Rosenberg

New York, Feb. 1 - Rockwood Holdings Inc. reduced pricing on its $1.03 billion credit facility (Ba1/BBB-/BB+) to Libor plus 275 basis points from Libor plus 300 bps, according to sources.

The facility consists of a $180 million five-year revolver and an $850 million seven-year term loan, with both tranches still providing for a 1% Libor floor.

Pricing on the term loan can now step down to Libor plus 250 bps at less than 2 times net total leverage.

Also, the term loan is now being offered at par, instead of at 991/2, while the revolver continues to be offered at 99, sources added.

The 101 soft call protection for one year on the term loan was left unchanged.

Credit Suisse, Deutsche Bank, Morgan Stanley, UBS and KKR are the lead banks on the deal.

Proceeds will be used to refinance existing bank debt.

Rockwood is a Princeton, N.J.-based specialty chemicals and advanced materials company.

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