London +4420 814 42225
Moscow +7495 543 9194
Kiev +38044 599 2950

Our Clients

Order Informer

Home > News >

Kraton successfully closes term loan refinancing

March 12/2018

MOSCOW (MRC) -- Kraton Corporation (KRA) and certain of its wholly-owned subsidiaries announced the closing of an amendment to its existing senior secured term loan facility, as per Worldofchemicals.

 increased borrowing under the euro-denominated tranche of the term loan facility (the euro tranche) by 150 million euros to 315 million euros;
 re-priced the euro tranche from Euribor plus 2.50 percent to Euribor plus 2.00 percent, with a 0.75 percent floor, and re-priced the US dollar-denominated tranche of the term loan facility from LIBOR plus 3.00 percent to LIBOR plus 2.50 percent, with a 1.00 percent floor; and extended the maturity date of the term loan facility from 6 January 2022 to 8 March 2025.

Proceeds from the additional borrowings under the euro tranche, plus available cash on hand, were used prepay USD185 million of the then outstanding USD485 million balance under the USD tranche.

"The success of this most recent refinancing reflects the ongoing optimization of our capital structure and credit profile. The refinancing represents annualized cash interest savings of approximately USD5.9 million," said Stephen Tremblay, the company's executive vice president and chief financial officer.

"We are focused on other near-term opportunities to improve our capital structure and we remain fully committed to the closing fiscal year 2018 with our consolidated net debt leverage below four turns," added Tremblay.

JP Morgan, Deutsche Bank, and Credit Suisse were joint lead arrangers and joint book runners for the transaction.
Author:Anna Larionova
Tags:petroleum products, petrochemistry, Crude oil.
Category:General News
| More

Leave a comment

MRC help


 All News   News subscribe