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Rockwood pays down €394.5 million of Sachtleben term loans, revolver
By Susanna Moon
Chicago, March 22 - Rockwood Holdings, Inc. said it repaid all borrowings outstanding under the secured facility of its wholly owned subsidiary Sachtleben GmbH using cash on hand.
The company terminated its facility agreement Wednesday for a €200 million facility A term loan, a €200 million facility B term loan and a €30 million revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.
Rockwood repaid €394.5 million ($508.9 million) of debt, consisting of €190.0 million ($245.1 million) under the term loan A, €200.0 million ($258.0 million) under the term loan B and €4.5 million ($5.8 million) under the revolver on Friday, according to a company press release.
Interest on the term loan A and the revolver was Euribor plus 375 basis points, and interest on the term loan B was Euribor plus 400 bps.
Deutsche Bank AG, London Branch, Morgan Stanley Bank International Ltd. and KKR Capital Markets Ltd. are the coordinators and bookrunners. SEB is the agent and security agent. SEB AG is the original issuing bank.
"This repayment of debt furthers our progress towards two of our stated goals for 2013 - our commitment to de-leverage and to facilitate the divestiture process for Sachtleben," Seifi Ghasemi, the company's chairman and chief executive officer, said in the release.
The repayment follows Rockwood's $250 million reduction of its senior secured term loan B credit facility in October 2012, the release noted.
Rockwood is a Princeton, N.J.-based specialty chemicals and advanced materials company. Sachtleben is its titanium dioxide pigments business.
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