Ashland to retire 3 7/8% notes due 2018 with $600 million term loan

By Susanna Moon

Chicago, May 15 – Ashland Global Holdings Inc. said indirect wholly owned subsidiary Ashland LLC plans to retire its 3 7/8% senior notes due 2018 using proceeds of a new loan.

Ashland plans to obtain a new $600 million seven-year senior secured term loan B facility to retire the notes, according to a release by Ashland Inc.

The company also plans to refinance its $800 million senior unsecured revolving credit facility using proceeds of a new $800 million five-year senior secured revolving credit facility.

The company said it is also seeking to obtain a new $250 million three-year term loan A facility and a new $250 million five-year term loan A facility, with proceeds to help finance the company's pending acquisition of Pharmachem Laboratories, Inc.

Ashland is a Covington, Ky.-based specialty chemicals company.

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