A. Schulman to launch new credit facility in New York on Wednesday

By Sara Rosenberg

New York, April 27 – A. Schulman Inc. is scheduled to hold a bank meeting at 10 a.m. ET in New York on Wednesday to launch a new senior secured credit facility, according to a market source.

J.P. Morgan Securities LLC and Bank of America Merrill Lynch are the lead banks on the deal.

The facility consists of a $300 million five-year revolver, a $200 million five-year term loan A, a $425 million seven-year term loan B and a €145 million seven-year term loan B, the source said.

Proceeds will be used to help fund the acquisition of Citadel Plastics Holdings Inc. from HGGC and Charlesbank Capital Partners for $800 million.

Closing is expected in the third quarter, subject to standard conditions.

A. Schulman is an Akron, Ohio-based supplier of high-performance plastic compounds, powders and resins. Citadel is a Chicago-based specialty engineered plastics company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.