Hercules Keeps Syndicate Together For Repricing

Chemical manufacturer Hercules has successfully repriced its "B" loan with all of its investors remaining in the syndicate.

  • 16 Jan 2004
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Chemical manufacturer Hercules has successfully repriced its "B" loan with all of its investors remaining in the syndicate. The three-and-a-half year, $200 million "B" piece is now priced at LIBOR plus 21Ž2%, down from LIBOR plus 31Ž4%. "It's a pure and simple reflection of the current state of the debt market," said Stuart Shears, Hercules' v.p. and treasurer.

Shears said the investors had no qualms about the repricing. "We had a very easy execution of the transaction," he said. "It was a no-brainer." Wachovia Securities and Credit Suisse First Boston held their position as co-lead arrangers. Bank of Nova Scotia and PNC Bank are the co-documentation agents on the deal. No new investors were added to the syndicate. The repricing did not affect the company's three-year, $150 million revolver, which is priced at LIBOR plus 23Ž4% with a 50 basis point commitment fee. The revolver is used for letters of credit backup and for liquidity, Shears said.

  • 16 Jan 2004

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