Chemtura cancels $395 million term loan B due to market conditions

By Sara Rosenberg

New York, March 17 - Chemtura Corp. pulled its $395 million term loan B that was being talked Libor plus 300 basis points with a 1% Libor floor and a par offer price, according to a market source.

There was also 101 soft call protection for six months.

Bank of America Merrill Lynch and Citigroup were the lead banks on the deal.

Proceeds were going to be used to refinance the company's $295 million exit term loan from August 2010, which is priced at Libor plus 400 bps with a 1.5% Libor floor and includes 101 call protection for one year, and for general corporate purposes.

Chemtura is a Middlebury, Conn.-based manufacturer and marketer of specialty chemicals, agrochemicals and pool, spa and home care products.

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