Credit Suisse First Boston and National City Bank last Friday launched syndication of a refinancing for OM Group. The move is described by bankers as "an opportunistic refinancing, to take advantage for current investor appetite." The BB/Ba3 $600 million "C" tranche is priced at LIBOR plus 2 1/2%, down from the current LIBOR plus 3% spread. The debt was originally incurred to finance the acquisition of German chemical company Degussa last year. The new tranche has a five-year tenor. OM Group is an international producer and marketer of value-added, metal-based specialty chemicals and related materials.
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