US WR Grace seeks $1.55bn in loans to emerge from bankruptcy

08 January 2014 21:25  [Source: ICIS news]

HOUSTON (ICIS)--WR Grace is seeking up to $1.55bn in loans to help it exit Chapter 11 bankruptcy, nearly 13 years after filing due to asbestos damage claims, according to court documents obtained on Wednesday.

Financing for the US producer would include a $700m senior secured term loan; a $200m euro equivalent senior secured loan; a $250m senior secured delayed draw term loan; up to $250m in senior secured revolving credit; and up to $150m in a multicurrency senior secured revolving loan, according to a filing with the US Bankruptcy Court in Delaware.

Arranging the financing would be Goldman Sachs, Deutsche Bank, Bank of America, HSBC Holdings, Citigroup, KeyCorp, PNC Bank and Sumitomo Mitsui Banking, the document stated.

WR Grace has said it expects to emerge from bankruptcy by the end of January.


By: Jeremy Pafford
+1 713 525 2653



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