Credit Suisse First Boston and UBS Warburg will be pitching a $165 million refinancing deal for Ethyl Corp. this Wednesday. The credit includes a six-year, $115 million "B" loan with pricing that has yet to be determined. There is also a five-year, $50 million revolver. The facility will refinance the petroleum-additive company's existing credit that is currently priced in the LIBOR plus 3% range. The Richmond, Va.-based company received a one-year extension earlier this month on a $205 million loan originally scheduled to mature today. Bank of America leads the existing deal. CSFB and UBS bankers did not return calls.
In 2002, the company reduced interest expenses by reducing debt by $45.9 million. The company's total debt as of last December was $290 million. Additionally, Ethyl completed the sale of its antioxidant business to Albemarle Corp. in January, advancing the company's efforts to reduce debt and focus more on its core businesses. Calls to David Fiorenza, v.p. and treasurer of Ethyl, were not returned by press time.