Shandong Luba Chemical Co.,Ltd
Beijing Multigrass Formulation Co., Ltd.

Platform Specialty Products Corporation Completes Repricing of $1.4 Billion of Term Loansqrcode

Oct. 4, 2017

Favorites Print Oct. 4, 2017
Platform Specialty Products Corporation ("Platform") announced that it successfully completed the repricing of its existing USD B-5 and EUR C-4 term loan tranches, totaling $1.4 billion. These tranches were created in connection with Platform's term loan repricing which closed on December 6, 2016.  This term loan repricing is the fourth to be completed since October 2016 and represents the second interest cost reduction on these specific borrowings under its credit agreement.  The expected incremental annual interest savings is approximately $14 million as a result of this transaction.
 
Platform refinanced its USD B-5 and EUR C-4 term loan tranches by incurring a new $680 million USD B-7 term loan tranche and a new €630 million EUR C-6 term loan tranche. Similar to the other repricings, Platform used the proceeds of the new term loan tranches to concurrently prepay in full the existing USD B-5 and EUR C-4 term loan tranches. This repricing resulted in a 100 basis point reduction in total interest rate across both the USD and Euro tranches, from a combination of reduced spread and reduced base rate floor. As part of this transaction, the EURIBOR floor on the EUR C-5 term loan tranche was reduced from 1.00% to 0.75%.  Finally, this transaction also shifted approximately $76 million from EUR term loans to USD term loans.
 
Credit Suisse, HSBC and Deutsche Bank acted as Joint Lead Arrangers for this transaction.
 

Join Discussion

Guest

United States

Picture 0/1200

More from AgroNews

Sichuan Lomon Bio Technology Co., Ltd.

Magazine

  • 2018 Market Insight 2018 CRO & CRAO Manual
  • 2018 India Pesticide Suppliers Guide 2018 Latin America Focus
  • 2018 Seed Special 2018 Biologicals Special

Comment  

Picture 0/1200

Subscribe to daily email alerts of AgroNews.