Banks Revise Spectrum, Styron Loans

Kellerhals, Richard
June 2010
High Yield Report;6/7/2010, Vol. 21 Issue 23, p13
The article reports on the decision of Credit Suisse, Bank of America Merrill Lynch and Deutsche Bank to change the term loan they arranged for Spectrum Brands' acquisition of Russell Hobbs company and a loan for the acquisition of plastics company Styron by Bain Capital. The size of the term loan for Spectrum was reduced from 1 billion U.S. dollars to 750 million dollars. The coupon of Spectrum's loan was raised from 450 basis points (bps) to 650 Libor plus. The credit for Styron was raised from 675 million to 900 million dollars.


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