A bank meeting is scheduled for Jan. 24 to launch syndication of a $410 million credit facility backing J.P. Morgan Partners' acquisition of PQ Corp. The credit comprises a six-year, $100 million revolver and seven-year, $310 million "B" loan. Price talk is LIBOR plus 2 1/2% on both tranches. J.P. Morgan and UBS are leading the credit. The company was owned by descendants of the founding Elkinton family. William Levy, PQ's cfo, and a J.P. Morgan Partners spokeswoman did not return calls. Officials from the lead banks either declined comment or did not return calls. PQ makes industrial chemicals.