J.P. Morgan and Bear Stearns launched syndication last Tuesday for a $145 million credit for Resolution Specialty Materials. The loan backs Apollo Management's $215 million acquisition of certain businesses and product lines from Eastman Chemical Co. The deal consists of a $30 million revolver and $115 million "B" loan. Price talk is reportedly LIBOR plus 3% on both tranches. The revolver is due in five years, while the term loan matures in six. A J.P. Morgan spokesman, Bear Stearns banker and Apollo spokesman declined comment.
JPM, Bear Stearns Shop Chemical Buyout