AOC finalizes $1.26 billion term loan B at Libor plus 375 bps

By Sara Rosenberg

New York, Sept. 30 – AOC LLC set pricing on its $1.26 billion seven-year term loan B at Libor plus 375 basis points, the low end of the Libor plus 375 bps to 400 bps talk, according to a market source.

Furthermore, the original issue discount on the term loan was revised to 99.5 from 99, the source said.

As before, the term loan has a 0.5% Libor floor and 101 soft call protection for six months.

The company’s $1.46 billion of credit facilities (B1/B) also include a $200 million revolver.

BofA Securities Inc., RBC Capital Markets, BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Goldman Sachs Bank USA are the leads on the deal.

Proceeds will be used with $350 million of senior notes to help fund the buyout of the company by Lone Star Funds from CVC Capital Partners.

AOC is a Schiphol, Netherlands-based producer of specialty resins.

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