Angus lifts U.S. and euro term loan to about $530 million equivalent

By Sara Rosenberg

New York, July 1 – Angus Chemical Co. upsized its U.S. and euro term loan to about $530 million equivalent from around $500 million equivalent, and set tranching at $251 million and €248 million, according to a market source.

Pricing on the U.S. and euro term loans is Libor/Euribor plus 425 basis points with an original issue discount of 98.5. The U.S. term loan has a 1% Libor floor and the euro term loan has a 0% floor.

Earlier in syndication, pricing on the term debt was lowered from Libor/Euribor plus 450 bps and the discount tightened from talk in the range of 97 to 98.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance existing debt.

Angus is a Buffalo Grove, Ill.-based manufacturer and marketer of specialty and fine chemicals.

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