Natgasoline cuts spread on $565 million term B to Libor plus 350 bps

By Sara Rosenberg

New York, Oct. 31 – Natgasoline LLC reduced pricing on its $565 million seven-year term loan B (Ba3) to Libor plus 350 basis points from Libor plus 375 bps, according to a market source.

Also, the original issue discount on the term loan firmed at 99.5, the tight end of the 99 to 99.5 talk, the source said.

The term loan still has a 0% Libor floor and 101 soft call protection for six months.

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

Proceeds will be used to help refinance existing debt, to fund final construction costs for a new facility and for other general corporate purposes.

Natgasoline is a greenfield world scale methanol production complex in Beaumont, Texas, which is jointly owned by OCI and Consolidated Energy Ltd.

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