Rockwood Specialties Group's $1.2 billion term loan dipped a 1/4 point to 101 after the company sought an amendment to the credit. The company is shaving 25 basis points off the term loan as well as its ?220 million euro tranche, said traders. Both tranches have step-down provisions that slice a 1/4 point off the loans' margin if their leverage falls below 4.5 times. It could not be determined how far below that mark leverage has fallen.
Rockwood is a producer of specialty chemicals. In November, it posted improved financial results, including improved EBITDA. Adjusted EBITDA was $140 million in the third quarter, compared to $95.1 million in the third period of 2004. Net loss in the third quarter was $13.3 million compared to $59.6 million in the third quarter of 2004.
Officials at Rockwood did not return calls.