Platform Specialty Products Corporation (NYSE:PAH) ("Platform"), a global specialty chemicals company, announced recently that it successfully completed the repricing of its existing USD B-4 and EUR C-3 term loan tranches, totaling $1.93 billion. These tranches were created in connection with Platform's term loan repricing, extension and amendment which closed on October 14, 2016.  Platform has completed three term loan repricings since October 2016, with this transaction representing the second interest cost reduction on these specific borrowings under its credit agreement. The expected incremental annual interest savings is approximately $22 million as a result of this transaction alone and $48 million in aggregate from all three repricings.

Platform refinanced its USD B-4 and EUR C-3 term loan tranches by incurring a new $1,231 million USD B-6 term loan tranche and a new €650 million EUR C-5 term loan tranche. Similar to the October and December 2016 repricings, Platform used the proceeds of the new term loan tranches to concurrently prepay in full the existing USD B-4 and EUR C-3 term loan tranches. This repricing resulted in a 100 basis point reduction in the interest rate across both the USD and Euro tranches. In addition, the EURIBOR floor on the EUR C-5 term loan tranche was reduced from 1.00% to 0.75%.  Finally, this transaction also shifted $237 million from USD term loans to EUR term loans further matching Platform's debt profile with its earnings footprint.

Credit Suisse, HSBC, Barclays and Goldman Sachs acted as Joint Lead Arrangers for this transaction.