ISP Chemco, a subsidiary of International Specialty Holdings, is in the market with a proposed $1.15 billion credit facility. The financing will be used by ISP to repay its bonds. The deal consists of a six-year, $200 million revolving credit facility and a seven-year, $950 million term loan. Pricing on both tranches is LIBOR plus 2%. JPMorgan began syndication of the loans on Jan. 20.
Moody's Investors Service assigned a Ba3 rating to both the revolver and term loan. Additionally, Moody's announced that upon the completion of the refinancing all current ratings on ISP will be withdrawn and a corporate family rating of Ba3 will be placed on the company.
Based in Wayne, N.J., ISP Chemco manufactures specialty and industrial chemicals and mineral products. Calls to ISP were not returned.