Ashland launches funded, but not fully syndicated $1.607 billion loan

By Sara Rosenberg

New York, May 20 - Ashland Inc. launched syndication of its $1.607 billion credit facility that was obtained in November 2008 to help fund the acquisition of Hercules Inc., according to a market source.

Bank of America and Scotia Capital are the lead banks on the deal.

The facility consists of a $400 million revolver priced at Libor plus 350 basis points, a $377 million term loan A priced at Libor plus 350 bps and an $830 million term loan B priced at Libor plus 440 bps, the source said.

All tranches carry a 3.25% Libor floor.

The term loan B is being offered to investors at an original issue discount of 98, the source added.

The facility had not been fully syndicated before it closed last year as a result of the turmoil in the market.

Ashland is a Covington, Ky.-based provider of specialty chemical products and services.

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