Rhodia to launch €630 million-equivalent credit facilities this week

By Sara Rosenberg

New York, April 3 – Rhodia Acetow is set to hold a bank meeting in New York on Wednesday and a bank meeting in London on Thursday to launch €630 million-equivalent in credit facilities, according to a market source.

Credit Suisse, Barclays, Deutsche Bank, Goldman Sachs, UBS, RBS and Bank of America Merrill Lynch are the bookrunners on the deal, with Credit Suisse the administrative agent.

The facilities consist of a €65 million five-year revolver, a €367 million U.S. dollar equivalent seven-year covenant-light term loan and a €198 million seven-year covenant-light term loan, the source said.

Included in the revolver is a springing leverage test.

Expected loan ratings are B1/B+.

Proceeds will be used to help fund the buyout of the company by Blackstone.

Commitments are due at 5 p.m. ET on April 19, the source added.

Rhodia is a producer of cellulose acetate flakes and acetate tow.

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